Oriole Company paid $1650 for a 12 -month insurance policy and increased the Prepald Insurance account upon payment on November 1.2014. Oriole forgot to make an adjusting entry at the end of its fiseat year on Decomber 31, 2014. Which of the following is an effect of the error? Expenses will be overstated and assets will be understated. Expenses will be uniderstated and assets will be overstated. Assets will be understated and net income will be understated. Assets will be overstated and net income will be understated