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You are an accountant at a local CPA firm that is auditing the accounting records of ABC Company. During your audit, you have identified that because of a weak internal control system, an adjusting entry for prepaid insurance was not recorded for the first 3 months of the year at $500 per month.Explain the impact of the missing journal entry on the financial statements of the company.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9985825

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