What will be the effect on income statement accounts

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Problem

On June 1, Barnes Company paid $19,800 for two years of insurance in advance. Barnes debited Prepaid Insurance. If the appropriate adjusting entry is not made at the end of the year, what will be the effect on: (i) Income statement accounts (overstated, understated, or no effect)? (ii) Net income (overstated, understated, or no effect)? Get the instant assignment help. (iii) Balance sheet accounts (overstated, understated, or no effect)?

Reference no: EM133931867

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