Tim 0:2 on 9 A bookkeeper recorded the expiration of prepaid insurance with this journal entry: Debit Prepaid Insurance, Credit Insurance Expense. What is the effect of the error on Total Assets and Total Expenses, respectively? red out of Select one: a. Overstated, Overstated b. Understated, Understated c. Overstated, Understated d. Understated, Overstated en 10 Failure to recognize the expired portion of insurance paid in advance will have what effect on Equity and Assets, respectively? out of Select one: a. Overstated, Overstated b. Understated, Understated c. Overstated, Understated O d. Understated, Overstated Given the following errors for the Lincoln Company: Overstated Understated Sales Sales Discounts Beginning Inventory Interest Expense Ending Inventory Purchase Discounts NO wy Net sales will be Select one: a. Overstated $9 b. Understated $1 c. Overstated $1 d. Overstated $3 e. Understated $9 The Washinalan innan made the followin Sirrors in its financial The Washington Company made the following six errors in its financial statements: Overstated Understated Sales Discounts Sales Beginning Inventory Interest Expense Ending Inventory Purchase Discounts ON Nop Cost of goods sold will be in error by what amount? Select one: O a. $15 @ b. $18 c. $12 O d. $16 e. $2 Which of the following entries will result in a decrease in assets and liabilities? Select one: O a. The entry to record the earned portion of rent received in advance o b. The entry to record accrued wages payable O c. The entry to record a revenue earned but not yet received O d. The entry to record the used portion of prepaid insurance e. The entry to record the payment of a dividend previously declared