The balance in the unearned rent account for Jones Co. as of December 31 js $1,200. If

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The balance in the unearned rent account for Jones Co. as of December 31 js $1,200. If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the balance sheet and income statement for December is:

A. assets understated $600; net income overstated

$600.

B. liabilities understated $600; net income under¬ stated $600.

C. liabilities overstated $600; net income under¬ stated $600.

D. liabilities overstated $600; net income overstated

$600.

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Financial Accounting

ISBN: 9780324188035

9th Edition

Authors: Dr Carl S. Warren, Dr James M. Reeve, Philip E. Fess

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Question Posted: Jul 10, 2024 09:03 AM

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The balance in the unearned rent account for Jones Co. as of December 31 js $1,200. If

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Financial Accounting

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