Question: Effect of omitting adjusting entry March and ( b ) the balance sheet as of March 3 1 ? Also indicate whether the items in

Effect of omitting adjusting entry March and (b) the balance sheet as of March 31? Also indicate whether the items in error will be overstated or understated.
a. Income Statement
Insurance Expense
Net Income
b. Balance Sheet
Prepaid Insurance
Owner's Equity
Effect of omitting adjusting entry March and (b) the balance sheet

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