Multiple Choice
If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry?
A) increases the balance of a contra asset account
B) increases the balance of an asset account
C) decreases the balance of an owner's equity account
D) increases the balance of an expense account
Correct Answer:
Verified
Correct Answer:
Verified
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