Stor Cly Construction's accounting manager was reviewing the quarter end inal balance He noticed that $1,100 in rent paid in advance to the landlord had now been applied to rent in the current period. The account showed no changes from the $1,100 originally recorded if the appropriate adjusting entry is NOT made, what is the impact on the financial statements? A Assots would be overstated, Expenses would be understated O Assets would be understated: Not income would be understated OcLiabilities would be overstated, Revenues would be understated Do. Liabilities would be understated. Assets would be understated