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What the effect on the balance sheet and income statement

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Problem - The balance in the unearned rent account for Jones Co. as of December 31 is $1,200. If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, what the effect on the balance sheet and income statement for December?

A. Assets understated by $600; net income overstated by $600.

B. Liabilities understated by $600; net income understated by $600.

C. Liabilities overstated by $600; net income understated by $600.

D. Liabilities overstated by $600; net income overstated by $600.

Reference no: EM132710705

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