in making adjusting entries at the end of its accounting period, Chao Consulting mistakenly forgot to record 1. $3,700 of insurance coverage that had expired (this $3,700 cost had been initially debited to the Prepaid Insurance account), 2. 2.250 of accrued salaries expense. As a result of these two oversights, the financial statements for the reporting period will: Multiple Choice Understate assets by $3.700 Understate expenses by 55.950 Multiple Choice Understate assets by $3700 Understate expenses by $5,950. Understate net income by $2,250. Overstate abilities by $2,250