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Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause: An understatement of expenses and an

Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause:

An understatement of expenses and an overstatement of liabilities
An understatement of expenses and an understatement of liabilities
An overstatement of assets and an overstatement of liabilities
An overstatement of expenses and an overstatement of liabilities

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