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Question(s) / Instruction(s):

A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of $200. This adjusting entry results in: Answer 1. $200 less in net income. 2. $200 more in net income. 3. $200 difference between the debit and credit columns of the Unadjusted Trial Balance. 4. $200 of prepaid insurance. Please explain in steps

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