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What would be the impact on the profit

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Question - AAMI Ltd Prepaid Insurance account shows a balance of $3900, representing 3 year insurance premium paid on 01/02/20XX.

If the adjusting entry was not recorded at end of the accounting period, 30 June 20XX, what would be the impact on the profit, and assets Profit overstated by $541.67 and assets overstated by $541.67 Profit understated by $541.67 and assets understated by $541.67Assets overstated by $541.67 and Profit understated by $541.67 Profit overstated by $3358.33 and Assets overstated by $3358.33.

Reference no: EM133155689

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