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Aladdin Company paid $ 4 , 8 0 0 on June 1 , 2 XX 1 to rent a magic lantern for two years and
Aladdin Company paid $ on June XX to rent a magic lantern for two years and recorded the entire amount as Rent Expense.
What is the impact on your financial statements if you fail to make this Adjusting entry? understated, overstated,
Expense
Net income
Assets
Liabilities
Owner's equity
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