Solution-Prepaid insurance account

Prepaid insurance account

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Reference no: EM13890789

1.In making adjusting entries at the end of its accounting period, Chao Consulting failed to record $3,200 of insurance coverage that had expired. This $3,200 cost had been initially debited to the Prepaid Insurance account. The company also failed to record accrued salaries expense of $2,000. As a result of these two oversights, the financial statements for the reporting period will [choose one] (1) understate assets by $3,200; (2) understate expenses by $5,200; (3) understate net income by $2,000; or (4) overstate liabilities by $2,000.

Reference no: EM13890789

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Prepaid insurance account : 1.In making adjusting entries at the end of its accounting period, Chao Consulting failed to record $3,200 of insurance coverage that had expired.

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Prepaid insurance account

Reference no: EM13890789

Reference no: EM13890789

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