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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

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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 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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