Need help in clear answers please

On July 1, Wood Company paid $12,000 for two years of insurance in advance. Wood debited Prepaid Insurance. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: () Income statement accounts (overstated, understated, or no effect) ? (6) Net Income (overstated, understated, or no effect)? (C) Balance sheet accounts (overstated, understated, or no effect)? Income Statement Accounts Revenue: Choose One Expense CORO Net Income: Choose Balance Sheet Accounts Asses Choco Liabilities Choose One Retained Earning Choose One Understated Overtased Ne fees 2 Continue Submit Assignm On November 1, Lewis Company paid $2,400 for one year of advertising in advance. Lewis debited Advertising Expense, which is an alternate way of recording the initial expenditure. The advertising expense will be used evenly throughout the year. If the appropriate adjusting entry is not made at the end of the year what will be the effect on: (a) Income statement accounts (overstated, understated, or no effect) (b) Net Income (overstated, understated, or no effect)? (C) Balance sheet accounts (overstated, understated, or no effecty? Income Statement Account Revenue Che OB e income Chosen ne Sheet Account Assets Done Labte C D the Choose One Overwald es Continue Submit Assignment 3021 MICA Terme Cem