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The accountant of Reliable Consulting, Inc. failed to make an adjusting entry to record $ 6 , 0 0 0 for unearned service revenues that

The accountant of Reliable Consulting, Inc. failed to make an adjusting entry to record $

6, 000

for unearned service revenues that were earned before the end of the fiscal year. Assume the company

initially recorded a liability. Which of the following statements is true?

.

The total liabilities will be overstated.

.

The total assets will be overstated.

.

The total assets will be understated.

.

The total liabilities will be understated.

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