On September 1, Baker Company paid $15,000 for two years of insurance in advance. Baker debited Insurance Expense, which is an alternate way of recording the initial expenditure. 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 effect)? Incomt statement Accounts Bevens Choose Org Exense Choose Net Income Choose One B Balance Sheet Accounts Choose One e Labels: Choose One Rene Lang Chone e