3) On October 1, 2019 Ranger Service Company paid $5,000 in rent for the next five months, beginning with October 2019. On that date, Ranger debited Prepaid Rent and credited Cash. If Ranger fails to make an adjusting entry on December 31, 2019, indicate the effect on assets, liabilities, equity, and net income. Understated, Overstated, No Effect Assets Liabilities Equity Net Income