On January 1" 2018, Chris Services prepaid rent $200 ($100 a month) for 2 months. If Chris Services fails to make an adjusting entry on January 31, 2018, indicate the effect on assets, liabilities, equity, and net income. Hint: First do the entry for the prepayment of rent on January 1", then do the adjusting entry for the actual expense on January 31" (by the end of January it is no longer a prepayment of rent for that month, the month is up and it is actually an expense now). After, look at the adjusting entry and determine what would happen if that entry wasn't done. Understated, Overstated, No Effect Assets Liabilities Equity Net Income Silver Lining had the following transactions are during January and February. a) Received $25,000 cash from the owner, Carol Silver, in exchange for capital. b) Paid January rent with $900 cash. c) Purchased machinery on January 15 by paying $7,000 cash and executing a note payable for $3,000. d) Purchased office supplies on January 18 for $400 cash. e) Billed clients on January 19 for a total of $7,000 for design services rendered. 1) Received $1,000 cash on January 20 from clients for services rendered above. G) New customer JJ CO. paid Silver Lining $600 in advance for services to be performed February 10th H) February 10th the services for JJ CO. have been performed. Prepare the adjusting entry to show the revenue is now earned