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On December 1, Ford Company received three months rental income in advance and increased a liability account. On December 31, the end of the accounting

On December 1, Ford Company received three months rental income in advance and increased a liability account. On December 31, the end of the accounting period, Ford failed to make an adjusting entry reflecting that a portion of this rent had been earned. This error results in: A. Overstated liabilities B. Overstated assets C. Overstated revenue D. Understated assets

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