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Which of the following statements describes the effect that adjusting entries may have on liabilities? Adjusting entries reduce liabilities for the amount of any accrued

Which of the following statements describes the effect that adjusting entries may have on liabilities?

Adjusting entries reduce liabilities for the amount of any accrued and unpaid expenses at the end of the period.

Adjusting entries do not have any effect on liabilities, since cash is not included in the adjusting entries.

Adjusting entries increase liabilities for the amount of any accrued and unpaid expenses at the end of the period.

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