Introduction to Adjusting Journal Entries and Prepaid Expenses Video Lessons

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Problem: If the prepaid expenses are not adjusted, assets on the balance sheet a) will be overstated. b) will be understated. c) will not be affected. d) may be either overstated or understated.

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Problem Details

If the prepaid expenses are not adjusted, assets on the balance sheet

a) will be overstated.

b) will be understated.

c) will not be affected.

d) may be either overstated or understated.

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Based on our data, we think this problem is relevant for Professor Sueiro's class at FIU.