Concept explainers
The balance in the unearned rent account for Jones Co. as of December 31 is $1 ,20(). If Jones Co. failed to record the
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.
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