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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. increases the balance of an asset account b. decreases the balance of a stockholders' equity account c. increases the balance of a liability account d. decreases the balance of an expense account The following lots of Commodity Z were available for sale during the year. The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? a. $620 b. 5659 c. $655 d. $690