The accountant of Hallmark Medical Co. a medical services consulting firm, mistakenly omited adjusting entries for (a) unearned revenue during the year ($24,380) and (b) accured wages ($7,170). Indicate the effect of each error, considered individually, on the income statement for the current year ended May 31. Also indicate the effect of each error on the May 31 balance sheet. 1. Revenue for the yeare would be $______ overstated or Understated $________. 2. Expenses for the year would be $_______ overstated or understated $_______. 3. Net income for the year would be $________overstated or understated $____________. 4 Assets at May 31 would be $________ overstated or $_________ understated. 5. Liabilities at May 31 would be $__________ over stated or understated $__________. 6. Owners equity at May 31 would be $_________ overstated or understated $__________.