A company forgot to prepare the adjustment to record the current month’s portion of Prepaid Rent. What is the resulting impact on the financial statements?

Explanation:

The adjusted entry to record the prepaid rent is shown below:

Rent Expenses A/c Dr

               To Prepaid rent A/c

(Being the prepaid rent is adjusted)

Since this above adjusting entry is not passed that results the asset account overstated together with the net income is also overstated that is shown in the income statement

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