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Effect of omitting adjusting entry March and ( b ) the balance sheet as of March 3 1 ? Also indicate whether the items in

Effect of omitting adjusting entry March and

(

)

the balance sheet as of March

31 ?

Also indicate whether the items in error will be overstated or understated.

.

Income Statement

Insurance Expense

Net Income

.

Balance Sheet

Prepaid Insurance

Owner's Equity

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