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A company's month-end adjusting entry for Insurance Expense is 1000 If this entry is not made then expenses are understated by 1000 and net income is overstated by 1000?
Wiki User
∙ 9y ago
Yes this is right statement as if some expenses are forgot to record it overstated the net income and reduces the expenses but in actual there is less net income then shown in income statement.
Wiki User
∙ 9y ago
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