Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet? O preparing the adjusted trial balance O posting to the general ledger preparing the financial statements preparing the closing entries After net income is entered on the end-of-period spreadsheet, the Balance Sheet Debit and Credit columns must be the same amount as the total amount of the Income Statement Debit and Credit columns equal each other be the same amount as the total amount in the Adjusted Trial Balance Debit and Credit columns not be equal to each other and need not be the same total amounts as any other pair of columns on the worksheet The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet is the amount of net income or loss indicates there is an error on the worksheet is the amount of retained earnings is the difference between revenue and expenses

At the end of the fiscal year, the usual adjusting entry to prepaid insurance to record expired insurance was omitted. Which of the following statements is cb>true?

total assets at the end of the year will be understand owner's equity at the end of the year will be understated net income for the year will be overstated insurance expense will be overstated