Question: r this question correctly for 2 extra credit points. Available for a limited time! Question 1 2 pts The accountant for Clover Auto Repair

r this question correctly for 2 extra credit points. Available for a limited time! Question 1 2 pts The accountant for Clover Auto Repair Company failed to make an adjusting entry to record $1,000 of expired insurance (currently in Prepaid insurance). Which of the following is an effect of this omission? O The net income will be overstated. O The net income will be understated The total liabilities will be overstated, O Total assets will be understated

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