On March 1, Illeo Incorporated paid $2,500 for rent for the rest of the calendar...
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Accounting
On March 1, Illeo Incorporated paid $2,500 for rent for the rest of the calendar year. No adjusting entries were made at the end of the month what effect would this have on the financial statements dated March 31?
A. Net income would be understated by $2,500
B. Assets would be overstated by $250
C. Net income would be overstated by $2,500
D. Assets would be understated by $250
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