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Liverpool Company made payment on rent owed by erroneously increasing rent expense and properly decreasing cash. An accrual entry for rent expense had previously been

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Liverpool Company made payment on rent owed by erroneously increasing rent expense and properly decreasing cash. An accrual entry for rent expense had previously been properly recorded by debiting rent expense and crediting rent payable. Which of the following is true? A. Net income is overstated. Rent expense is understated. Rent payable is understated. All of the above are true. None of the above is true

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