Question 7 6 pts The following case has an error in the journal entry. On January 1, The Economist purchased a 6-month insurance policy for $2,400. They debited Insurance Expense for $2,400 and credited Cash $2,400 and made no further journal entries. Which of the following is true for The Economist's accounting books at the end of January after this mistake? Assets are understated by $2,000 Liabilities are not affected Revenues are understated by $2,000 Expenses are overstated by $2,000 Shareholders' Equity is not affected There is no mistake