The Jamesway Corporation had the following situations on December 2018. On December 20, 2018, Jamesway received a $6,000 payment from a customer for services to be rendered early in 2019. Service revenue was credited. On December 1, 2018, the company paid a local radio station $6,000 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited. Employee salaries for the month of December totaling $36,000 will be paid on January 7, 2019. On August 31, 2018, Jamesway borrowed $75,000 from a local bank. A note was signed with principal and 6% interest to be paid on August 31, 2019. If none of the adjusting journal entries were recorded, would assets, liabilities, and shareholders equity on the 12/31/18 balance sheet be higher or lower and by how much?

If none of the adjusting journal entries were recorded, would assets, liabilities, and shareholders equity on the 12/31/18 balance sheet be higher or lower and by how much?