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Problem 1: Mr. Donald, the accountant for the Daisy Co., failed to make an adjusting entry for prepaid insurance at the end of 2019. Specifically, Daisy began the year with a balance of $400 in prepaid insurance, but the policy expired as of October 2019 and was not renewed. This is the only transaction or event that was not properly recorded in 2019. How does this omission affect Daisy's 2019 ?nancial statements?
a. Reported income is overstated K
b. Balance In total assets IS understated
c. Balance in total liabilities is understated
d. Balance In retained earnings IS overstated
e. All of the above .
f. B and C g. A and D
h. Mistake has no effect on total assets, total liabilities, or retained earnings
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