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Accounting
1 U 12. C Overstated No Effect Undetermined Understated Overstated 1 1 3 No Effect Undetermined Understated Overstated 1 H 11 1 1 1 4 1 I | 1 5 5. Assuming that the adjusting entry for expired insurance was NOT made at the end of the fiscal period, what effect will this have on the following balances: EXPENSES 6 1₁ 6. Assuming that the adjusting entry for expired insurance was NOT made at the end of the fiscal period, what effect will this have on the following balances: NET INCOME

1 U 12. C Overstated No Effect Undetermined Understated Overstated 1 1 3 No Effect Undetermined Understated Overstated 1 H 11 1 1 1 4 1 I | 1 5 5. Assuming that the adjusting entry for expired insurance was NOT made at the end of the fiscal period, what effect will this have on the following balances: EXPENSES 6 1₁ 6. Assuming that the adjusting entry for expired insurance was NOT made at the end of the fiscal period, what effect will this have on the following balances: NET INCOME

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1 U 12. C Overstated No Effect Undetermined Understated Overstated 1 * No Effect Undetermined Understated Overstated 3 1 HE m 1 1 4 1 I T 1 1 5. Assuming that the adjusting entry for expired insurance was NOT made at the end of the fiscal period, what effect will this have on the following balances: EXPENSES T 6 1₁ 6. Assuming that the adjusting entry for expired insurance was NOT made at the end of the fiscal period, what effect will this have on the following balances: NET INCOME
Transcribed Image Text:1 U 12. C Overstated No Effect Undetermined Understated Overstated 1 * No Effect Undetermined Understated Overstated 3 1 HE m 1 1 4 1 I T 1 1 5. Assuming that the adjusting entry for expired insurance was NOT made at the end of the fiscal period, what effect will this have on the following balances: EXPENSES T 6 1₁ 6. Assuming that the adjusting entry for expired insurance was NOT made at the end of the fiscal period, what effect will this have on the following balances: NET INCOME
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