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On May 1, County Ranch paid State Farm $36,000 for a 2 year insurance policy. Prepare the following entries for State Farm: May 1 payment

On May 1, County Ranch paid State Farm $36,000 for a 2 year insurance policy. Prepare the following entries for State Farm:

May 1 payment assuming it is recorded in a temporary account.

December 31 adjusting entry

What is the impact on the financial statements if County Ranch fails to make the December 31 adjusting entry [Over stated, Understated, OK]?

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