At the moment, you have 5V going to one leg of the resistor, the other leg of the resistor going to the positive side of the LED and the other side of the LED going to GND. However, if we moved the resistor so that it came after the LED, as shown below, the LED will still light.
Note, you will probably want to put the 270Ω resistor back in place.
So, it does not matter which side of the LED we put the resistor, as long as it is there somewhere.
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