When text data is entered that is too long to fit within the boundaries of a cell in a column with a preset width and formats, what does Excel do$?$

automatically adjusts the cell size to fit the value

only the part of the value which will fit in the cell will be displayed even if nothing else is in the cell to its right

displays a series of number signs $($######$)$ in the cell

display of the text will continue into the cell immediately to its right if nothing else is in that cell