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

Question:

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

a. Increases the Ivalance of a revenue account.

b. Increases the balance of an expense account.

c. Increases the balance of an asset account.

AppendixLO1

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting

ISBN: 9780324188035

9th Edition

Authors: Dr Carl S. Warren, Dr James M. Reeve, Philip E. Fess

See More Books

Question Posted: Jul 10, 2024 09:03 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)...
I have a question on Profitability ratios based on a financial statement. Please open the attachments below. INDEPENDENT AUDITORS' REPORT TO PARLIAMENT AND THE SHAREHOLDER OF SOUTH AFRICAN AIRWAYS...
The CFO of the Jordan Microscope Corporation intentionally misclassified a downstream transportation expense in the amount of $575,000 as a product cost in an accounting period when the company made...
Various types of accounting changes can affect the financial statements of a private business enterprise differently. Assume that each item on the following list would have a material effect on the...
How did the CIO of CBA contribute to the banks competitiveness?
The production manager must determine the processing sequence for seven jobs through the grinding and then deburring departments. The same sequence will be followed in both departments. The managers...
The partnership of Jackson, Rackley, Surber is being liquidated. All gains and losses are shared in a 3:2:1 ratio. Before liquidation their balance sheet looks as follows: Journalize the entries...
8. Your client is a biochemist who has discovered a technique to create a new biofuel . He estimates it will take him 2 years to make it economically feasible at a cost of $2,000,000. He is willing...
Does eveiy adjusting entiy have an effect on determining the amount of net in come for a period? Explain. AppendixLO1
Identify the five different categories of adjusting entries frequently required at the end of an accounting period. AppendixLO1
Who else would need to be consulted when making a decision on a college campus to do composting?
The following information is available for two different types of businesses for the 2011 accounting period. Dixon Consulting is a service business that provides consulting services to small...
Marino Basket Company had a $\$ 6,200$ beginning balance in its Merchandise Inventory account. The following information regarding Marino's purchases and sales of inventory during its 2011...
On March 6, 2011, Bob's Imports purchased merchandise from Watches Inc. with a list price of $\$ 31,000$, terms $2 / 10, n / 45$. On March 10, Bob's returned merchandise to Watches Inc. for...
The following events apply to Tops Gift Shop for 2012, its first year of operation: 1. Acquired $\$ 45,000$ cash from the issue of common stock. 2. Issued common stock to Kayla Taylor, one of the...
Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost. a. Transportation-in. b. Insurance on the office building. c. Office supplies. d. Costs...
(a) Compute the electrical conductivity of a 5.1-mm (0.2-in.) diameter cylindrical silicon specimen 51 mm (2 in.) long in which a current of 0.1 A passes in an axial direction. A voltage of 12.5 V is...
The cost curve for the city water supply is C(Q) = 16 + 1/4 Q2, where Q is the amount of water supplied and C(Q) is the cost of providing Q acre-feet of water. (An acre-foot is the amount of water...
Long-term liabilities are shown in two places in the business firm's balance sheet depending upon when the long-term liabilities are scheduled for payment. True False
Julio is single with 1 withholding allowance. He earned $1,025.00 during the most recent semimonthly pay period. He needs to decide between contributing 3% and $30 to his 401(k) plan. If he chooses...
Acquirer firm plans to launch a takeover of Target firm. The manager of Acquirer indicates that the deal will increase the free cash flow of the combined business by $13.6m per year forever. The beta...

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

Question:

Step by Step Answer:

Financial Accounting

Students also viewed these Business questions