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On October 1,2016,Smith Service Company Paid $5,000 in Rent for the Next

Question 64

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On October 1,2016,Smith Service Company paid $5,000 in rent for the next five months,beginning with October 2016.On that date,Smith debited Prepaid Rent and credited Cash.If Smith fails to make an adjusting entry on December 31,2016,indicate the effect on assets,liabilities,equity,and net income.
On October 1,2016,Smith Service Company paid $5,000 in rent for the next five months,beginning with October 2016.On that date,Smith debited Prepaid Rent and credited Cash.If Smith fails to make an adjusting entry on December 31,2016,indicate the effect on assets,liabilities,equity,and net income.

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