Throughout an accounting period, the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Service Revenue. If the accountant fails to make the end-of-period adjusting entry to record the portion of these fees that has been earned, one effect will be Multiple Choice an understatement of liabilities an understatement of assets an understatement of equity an understatement of liabilities O an understatement of assets an understatement of equity an overstatement of profit an overstatement of equity