If the effect of the credit portion of an adjusting entry is to increase the balance of

Question:

If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following statements describes the effect of the debit portion of the entry?

a. Increases the balance of a revenue account.
b. Increases the balance of an expense account.
c. Increases the balance of an asset account.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-1285743615

26th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

See More Books

Question Posted: May 11, 2023 12:29 AM

See More Questions

If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following statements describes the effect of the debit portion of the entry?...
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset account, which of the following statements describes the effect of the credit portion of the entry? (a)...
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset account, which of the following statements describes the effect of the credit portion of the entry? a....
A quality control manager at a manufacturing facility has taken four samples with four observations each of the diameter of a part. (a) Compute the mean of each sample. (b) Compute an estimate of the...
Sparwood Ltd. began operations in 2015. Its summarized financial statements are presented below. Fill in the shaded areas to complete the financial statements. Begin your work with 2015 and move...
ThisisaGroupassignment.TeamsoftwotofourstudentsshouldcollaboratetodevelopyourProjectReport....
Why is job rotation often more exciting to workers than job enlargement? LO.1
Stein Company owns a truck with a cost of $80,000 and accumulated depreciation of $50,000 that can be sold for $25,000, less a 5% sales commission. Alternatively, the truck can be leased by Stein...
For this case study, we ll take a look at St . Sebastian Health System, a modest - sized Midwest hospital system. The CFO has brought you in to examine some long - term financial trends in his...
Hastings College pooled the individual investments of three of its funds on December 31, 2019. The recorded value and the fair market value of the investments on December 31, 2019, are presented...
Determine if is a regular stochastic matrix. P -[i 0 71 1.3
For a recent period, the balance sheet for Costco Wholesale Corporation reported accrued expenses of $2,890 million. For the same period, Costco reported income before income taxes of $2,767 million....
Solve each system. x + y + z = 1 x-y-z = -3 2 x + y2 = 1 z ||
I Need Hr project on Employee Engagement What is Employee Engagement and how does it contribute to organizational success? What is the role of HR in improving employee engagement? What are some...
In the United States, the Veterans Administration (VA) is tasked with, among other things, providing quality health care for U.S. military veterans. Chronically underfunded, the agency was having...
Using the keywords you brainstormed earlier in the module, conduct three separate searches in CQ Researcher - SAGE, Academic Search Ultimate, or another relevant database. When conducting these...
TechEx Repair allows local hardware stores to expand their service offerings to their customers by providing an off-site small engine repair service. Customers bring in small engines such as lawn...
Purpose: Sometimes we are asked to collaborate with a team of writers. This collaboration can help us to understand how others think differently from us and help us to think more creatively. This...
Is the equation G = H TS applicable to all processes?
Given find the value of k. es 1 e kx dx = 1 4'
What types of information are presented in the notes to the financial statements?
The accounting equation is: Assets = Liabilities + Stockholders Equity. Appendix A, at the end of this book, reproduces Tootsie Rolls financial statements. Replacing words in the equation with dollar...
Match each of the following forms of business organization with a set of characteristics: sole proprietorship (SP), partnership (P), corporation (C). (a) _____ Shared control, tax advantages,...
ABC Company engaged in the following transaction in October 2 0 1 7 Oct 7 Sold Merchandise on credit to L Barrett $ 6 0 0 0 8 Purchased merchandise on credit from Bennett Company $ 1 2 , 0 0 0 . 9...
Lime Corporation, with E & P of $500,000, distributes land (worth $300,000, adjusted basis of $350,000) to Harry, its sole shareholder. The land is subject to a liability of $120,000, which Harry...
A comic store began operations in 2018 and, although it is incorporated as a limited liability company, it decided to be taxed as a corporation. In its first year, the comic store broke even. In...

If the effect of the credit portion of an adjusting entry is to increase the balance of

Question:

Step by Step Answer:

c Increases the balance of an asset account In accounting adjusting entries are ma...View the full answer

Accounting

Students also viewed these Business questions