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If the Prepaid Insurance account is not adjusted at the end of the period, what effect will this have on the financial statements? Multiple Choice

If the Prepaid Insurance account is not adjusted at the end of the period, what effect will this have on the financial statements? Multiple Choice Liabilities will be overstated and net income will be understated. Assets will be understated and net income will be understated. Assets will be overstated and not income will be overstated Card will be overstated and not income will be overdnied

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