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Which failure to prepare adjusting entry for depreciation

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Reference no: EM133010843

Problem 1: Failure to prepare the adjusting entry for depreciation will result in?

Option 1: assets being overstated and expenses being understated.

Option 2: assets being overstated and expenses being overstated.

Option 3: assets being understated and liabilities being overstated.

Option 4: assets being understated and owner's equity being understated.

Reference no: EM133010843

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