During December 2016, Carroll Service Company performed $1,500 of services, but as of December 31, 2016, Carroll has not yet billed the clients
If Carroll fails to make an adjusting entry on December 31, 2016, indicate the effect on assets, liabilities, equity, and net income.
Understated, Overstated, No Effect
Assets
Liabilities
Equity
Net Income
What will be an ideal response
Understated, Overstated, No Effect
Assets Understated
Liabilities No Effect
Equity Understated
Net Income Understated
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