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On January 1st2018, Chris Services prepaid rent $200 ($100 a month) for 2 months. If Chris Services fails to make an adjusting entry on January

On January 1st2018, 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.

Understated, Overstated, No Effect

Assets

Liabilities

Equity

Net Income

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