Introduction to Adjusting Journal Entries and Prepaid Expenses Video Lessons

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Problem: If the accountant forgets to adjust the Prepaid Expenses account, there will be: A) an understatement of net income. B) an overstatement of net income. C) an overstatement of expense. D) no under- or overstatement of net income.

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Problem Details

If the accountant forgets to adjust the Prepaid Expenses account, there will be:

A) an understatement of net income.

B) an overstatement of net income.

C) an overstatement of expense.

D) no under- or overstatement of net income.

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