You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/2021. You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co.'s 2021 Income Statement and 12/31/2021 Balance Sheet if they are not corrected or updated. Assume no income taxes. Additional Information 12/31/21 Assets 12/31/21 Liabilities $10,000 of the rent revenue collected and recorded as revenue this year pertains to 2022. You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/2021, You notice several omissions and incorrect items during your review, some of which are noted below. For each one, you are to determine what effect, if any, these items would have on the stated components of O'Brian Co's 2021 Income Statement and 12/31/2021 Balance Sheet if they are not corrected or updated. Assume no income taxes. Additional Information Uncollectible accounts of $7,000, as a percentage of sales, are estimated at the end of the year. The entry has not been recorded. 12/31/21 Assets 12/31/21 Liabilities: 12/31/21 Owne Equity Understated No Effect Overstated