During December 2018,April Service Company performed $1,500 of services,but as of December 31,2018,the clients have not yet been billed.If April fails to make an adjusting entry on December 31,2018,indicate the effect on assets,liabilities,equity,and net income.
$$\begin{array} { | l | l | }
\hline & \text { Understated, Overstated, No Effect } \
\hline \text { Assets } & \
\hline \text { Liabilities } & \
\hline \text { Equity } & \
\hline \text { Net Income } & \
\hline
\end{array}$$

Question

During December 2018,April Service Company performed $1,500 of services,but as of December 31,2018,the clients have not yet been billed.If April fails to make an adjusting entry on December 31,2018,indicate the effect on assets,liabilities,equity,and net income.
 $$\begin{array} { | l | l | } 
\hline & \text { Understated, Overstated, No Effect } \
\hline \text { Assets } & \
\hline \text { Liabilities } & \
\hline \text { Equity } & \
\hline \text { Net Income } & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of During December 2018,April Service Company performed $1,500 of services,but as of December 31,2018,the clients have not yet been billed.If April fails to make an adjusting entry on December 31,2018,indicate the effect on assets,liabilities,equity,and net income.
 $$\begin{array} { | l | l | } 
\hline & \text { Understated, Overstated, No Effect } \
\hline \text { Assets } & \
\hline \text { Liabilities } & \
\hline \text { Equity } & \
\hline \text { Net Income } & \
\hline
\end{array}$$

During December 2018,April Service Company Performed $1,500 of Services,but as of December