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Pharoah Company pays its rent of $48000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry for prepaid rent is omitted, which of the following are true?Failure to make the adjustment does not affect the February financial statements.Expenses will be overstated by $4000 and net income and stockholders' equity will be understated by $4000.Assets will be overstated by $8000 and net income and stockholders' equity will be understated by $8000.Assets will be overstated by $4000 and net income and stockholders' equity will be overstated by $4000.
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