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. 
Definitions:
Mining Companies
Businesses involved in the extraction of minerals, metals, and other geological materials from the earth, which are then used in a variety of industries and products.
Legal Services
Professional services provided by lawyers or legal practitioners related to the law.
Industrial Firm
An organization that produces goods through the processing of raw materials, manufacturing of products, and (in most cases) the sale of these products to traders, other industries, and end consumers.
Reprocesses
The act of processing materials or products again, often to recover usable elements or to ensure quality standards are met.
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