If Oxbow Corporation does not record a sale made on account in December until a monthlater when the customer pays its invoice, how will Oxbow’s December financial statementsbe impacted?a. Assets will be understated on the balance sheet, while revenues will be overstated on theincome statement.b. Assets will be understated on the balance sheet, while revenues will be understated onthe income statement.c. Assets will be overstated on the balance sheet, while revenues will be overstated on theincome statement.d. Assets will be overstated on the balance sheet, while revenues will be understated on theincome statement.

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