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QUESTION 15 Omission of a prepaid expense adjusting entry will have the following effects: Total Assets Total Expenses Total Owners' Equity a. No Effect Understated

QUESTION 15 Omission of a prepaid expense adjusting entry will have the following effects: Total Assets Total Expenses Total Owners' Equity a. No Effect Understated Overstated b. Overstated Understated Overstated c. Overstated No Effect Overstated d. Overstated No Effect No Effect 1. a 2. b 3. c 4. d

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