in making adjusting entries at the end of its accounting period, Chao Consulting mistakenly forgot to record 1. $4,700 of Insurance coverage that had expired (this $4700 cost had been initially debited to the Prepaid Insurance account) 2 $2,750 of accrued salaries expense As a result of these two oversights, the financial statements for the reporting period will: Multiple Choice Understate net income by $2,750. Understate assets by $4.700 in making adjusting entries at the end of its accounting period, Chao Consulting mistakenly forgot to record 1. $4,700 of Insurance coverage that had expired (this $4700 cost had been initially debited to the Prepaid Insurance account) 2 $2,750 of accrued salaries expense As a result of these two oversights, the financial statements for the reporting period will: Multiple Choice Understate net income by $2,750. Understate assets by $4.700