Multiple Choice
If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry?
A) decreases the balance of an owner's equity account
B) increases the balance of a liability account
C) increases the balance of an asset account
D) decreases the balance of an expense account
Correct Answer:
Verified
Correct Answer:
Verified
Q169: The company determines that the interest expense
Q170: On November 15, Great Designs Company purchased
Q171: On January 1, Newman Company estimated its
Q172: Identify the effect (a through h) that
Q173: Adjusting entries affect at least one<br>A) income
Q175: Indicate with a Yes or No whether
Q176: Which account would normally not require an
Q177: Two income statements for Toby Sam Enterprises
Q178: Which of the following pairs of accounts
Q179: Accrued expenses affect _ on the balance