A company originally recorded Prepaid Rent. As of the end of the accounting year

Question

A company originally recorded Prepaid Rent. As of the end of the accounting year, part of this is no longer prepaid. If no adjustment is made to record this expiration, which of the following will occur? Answer Assets will be understated and expenses will be overstated. Assets will be overstated and expenses will be understated. Assets and expenses will be overstated. Assets and expenses will be understated. A company originally recorded Prepaid Rent. As of the end of the accounting year, part of this is no longer prepaid. If no adjustment is made to record this expiration, which of the following will occur? A company originally recorded Prepaid Rent. As of the end of the accounting year, part of this is no longer prepaid. If no adjustment is made to record this expiration, which of the following will occur? Assets will be understated and expenses will be overstated. Assets will be overstated and expenses will be understated. Assets and expenses will be overstated. Assets and expenses will be understated. Assets will be understated and expenses will be overstated. Assets will be overstated and expenses will be understated. Assets and expenses will be overstated. Assets and expenses will be understated.

Explanation / Answer

Assets and expenses will be overstated.

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