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At the end of the fiscal year, the usual adjusting entry to Prepaid Insurance to record expired insurance was omitted. Indicate below for each category
At the end of the fiscal year, the usual adjusting entry to Prepaid Insurance to record expired insurance was omitted. Indicate below for each category whether it will be understated, overstated, or be correct as a result of the missing adjusting journal entry.
Category. Pick one
Assets
Liabilities
Equity
Revenues
Expenses
Net Income
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