2:07 PM Wed Oct 5 Done < 0 exam 1 AA education.wiley.com Question 42 of 50 < > View Policies Current Attempt in Progress -/2 Lansing Cycles failed to record an adjusting entry for accrued expenses at the end of June. What effect does this have on the financial statements? Expenses are overstated and revenues are understated. Expenses and liabilities are understated. Assets are overstated and expenses are understated. O Revenues and expenses are understated. eTextbook and Media Save for Later Attempts: 0 of 1 used Submit Answer 47% 01:07:47