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John made the adjusting entry for the earning of rent received in advance by debiting rent revenue and crediting rent received in advance. When the

John made the adjusting entry for the earning of rent received in advance by debiting rent revenue and crediting rent received in advance. When the cash was first received, John debited cash and credited rent received in advance. Which statement is true?

Expenses are understated

Liabilities are understated

Assets are understated

Net income is overstated

None of the above is true

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