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Question 6 Which statement reflects the outcome of failing to make an adjusting entry for a prepaid item? Total assets would be understated and net

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Question 6 Which statement reflects the outcome of failing to make an adjusting entry for a prepaid item? Total assets would be understated and net income would be overstated. Total assets and net income would be understated. Total assets and net income would be overstated. Total assets would be overstated and net income would be understated

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