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1. Which of the following represents an accrual? A. Accumulated depreciation B. Fees earned C. Prepaid insurance D. Wages payable 2. If the adjustment for

1. Which of the following represents an accrual?

A. Accumulated depreciation

B. Fees earned

C. Prepaid insurance

D. Wages payable

2. If the adjustment for prepaid expenses is not recorded

A. Net income will be correctly stated

B.assets will be understated

C.net income will be overstated

D. Expenses will be overstated

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