Question 71 A points Hickory Waterwork accounting manager was reviewing the month end trial balance. He noticed that rent and Utlity bill obligation totaling $1.200 had been received but had not you Doon recorded. If the appropriate adjusting entry is NOT made, what is the impact on the trial balance accounta? DA Assets would be overstated, expenses would be understated Assets would be understated: Expenses would be understated Sc Expenses would be understated: Liabilities would be understated Expenses would be overstated Liabetes would be understated