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Fred Bares prepares adjusting entries for Popsico Industries. In entry #7, Fred accrued interest expense on the company's note payable. Due to his clumsy fingers,

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Fred Bares prepares adjusting entries for Popsico Industries. In entry #7, Fred accrued interest expense on the company's note payable. Due to his clumsy fingers, Fred calculated interest based on a 265 day year rather than a 365 day year. Which of the following would result? Multiple Choice O Net income would be overstated. None of the above Cash will be overstated. Cash would be understated. Liabilities would be overstated

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