Question 29 (1 point) If a company fails to adjust the deferred rent account for rent that has been earned, what effect will this have on that month's financial statements? Liabilities will be overstated and revenues will be understated. Assets will be overstated and revenues will be understated. Liabilities will be understated and revenues will be understated. Assets will be understated and revenues will be understated. Question 30 (2 points) A new accountant records $650 depreciation expense on equipment at year end as follows: Depreciation Expense 650 Cash 650 The effect of this entry is to understate the carrying amount of the depreciable assets at year end. overstate the carrying amount of the depreciable assets at year end. understate expenses on the statement of income. adjust the accounts correctly at year end