During December 2016,Carroll Service Company Performed $1,500 of Services,but as of December

Essay

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.
$$\begin{array} { | l | l | } \hline & \text { Understated, Overstated, No Effect } \\\hline \text { Assets } & \\\hline \text { Liabilities } & \\\hline \text { Equity } & \\\hline \text { Net Income } & \\\hline\end{array}$$