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.
Definitions:
Withdrawal Illness
Withdrawal illness refers to the physical and mental symptoms experienced by individuals who cease or reduce the intake of addictive substances to which they have become dependent.
Physical Dependence
A physiological state in which the body adapts to the presence of a drug or substance, leading to withdrawal symptoms when that substance is reduced or ceased.
Psychological Dependence
A condition in which an individual feels a compelling emotional need for a substance or behavior, despite potential negative consequences.
Psychological Dependence
A compulsive need to experience a substance, activity, or behavior to achieve a desired emotional state, often associated with addiction.
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