Question: For each type of adjustment in (a) through (e), indicate the effect on net income (overstated or understated) if the adjustment is not recorded. If

For each type of adjustment in (a) through (e), indicate the effect on net income (overstated or understated) if the adjustment is not recorded.

If adjustment is not recorded: Net income will Assets will be Liabilitles will Equity will be overstated, overstated, be overstated, be overstated understated, understated, understated, understated Type of Adjustment a. Prepaid Expenses b. Depreciation c. Unearned Revenues d. Accrued Expenses e. Accrued Revenues or no effect or no effect or no effector no effect

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