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How would the following transaction effect the accounting equation: business adjusts at the end of the period for $10,000 of the Prepaid Insurance that has

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How would the following transaction effect the accounting equation: business adjusts at the end of the period for $10,000 of the Prepaid Insurance that has been used up during the period. Select one: Decrease in assets and increase in revenues Increase in assets and increase in expenses Decrease in assets and increase in liabilities O Decrease in assets and increase in expenses Increase in liabilities and increase in expenses

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