1931 In making adjusting entries at the end of its accounting period, Chao Consulting mistakenly forgot to record: 1. $4,900 of insurance coverage that had expired (this $4,900 cost had been initially debited to the Prepaid Insurance account). 2.2.850 of accrued salaries expense. As a result of these two oversights, the financial statements for the reporting period will: oot Multiple Choice Understate assets by $4,900 Overstate liabilities by $2.850 Understate net profit by $2.850