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A company recorded the $14,000 adjusting entry for the expiration of prepaid rent by debiting liabilities and crediting expenses for $14,000. Expenses are $14,000 understated

A company recorded the $14,000 adjusting entry for the expiration of prepaid rent by debiting liabilities and crediting expenses for $14,000. Expenses are

$14,000 understated

$14,000 overstated

$28,000 overstated

$28,000 understated

correctly stated

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