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If a company fails to adjust the Prepaid Insurance account for insurance used during the month, what effect will this have on that month's financial

If a company fails to adjust the Prepaid Insurance account for insurance used during

the month, what effect will this have on that month's financial statements?

Assets will be understated and revenues will be understated.

Liabilities will be understated and revenues will be understated.

Liabilities will be overstated and revenues will be understated.

Assets will be overstated and expenses will be understated.

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