Multiple Choice
A company purchased a two-year insurance policy on September 1, debiting Prepaid Insurance for the full amount. If no adjusting entry is made at the end of the year, how does this affect the year-end financial statements?
A) Overstates revenue
B) Overstates expenses
C) Overstates assets
D) Understates owner's equity
Correct Answer:
Verified
Correct Answer:
Verified
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