Question 10 4 pts A company's Prepaid Insurance account (an asset) contained a $22,000 debit balance at the beginning of the 2020 accounting period. During the 2020 accounting period there was no additional insurance purchased. At the end of the 2020 accounting period the bookkeeper did not record the required adjusting entry related to the Prepaid Insurance account. The result of this error is that.. 2020 net income is understated, assets are understated, retained earnings is understated 2020 net income is understated, assets are understated, retained earnings is overstated O 2020 net income is overstated, assets are overstated, retained earnings is understated 2020 net income is overstated, assets are overstated, retained earnings is overstated O none of the above 4 pts Question 11 If an end-of-period adjusting entry is made to accrue wages, it means that the company pays its employees monthly O employees have earned wages since the end of the last payroll period, but have not been paid O the Wages Payable account will be decreased the company has already distributed payroll checks O none of the above