On October 1,2019 Ranger Service Company paid $5,000 in rent for the next five months,beginning with October 2019.On that date,Ranger debited Prepaid Rent and credited Cash.If Ranger fails to make an adjusting entry on December 31,2019,indicate the effect on assets,liabilities,equity,and net income.
Definitions:
Long-run Equilibrium
A state in which all factors of production and inputs can be fully adjusted, and there are no fixed variables, resulting in market supply equalling market demand.
Marginal Cost
Marginal cost is the change in total production cost that comes from making or producing one additional unit of a good.
Perfectly Competitive
Refers to a market structure where there are many buyers and sellers, all producing homogenous products, with no single participant having the power to influence the market price.
Industry Supply Curve
A graphical representation showing the relationship between the price of a good and the total output of the industry for that good.
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