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Which of the following statements is true in regard to adjusting entries? Recording the usage of supplies involves an increase in liabilities and a
Which of the following statements is true in regard to adjusting entries? Recording the usage of supplies involves an increase in liabilities and a decrease in equity. Failure to record accrued salaries at the end of the year will cause reported net income to be higher than it should have been. O Recording services performed on a prepaid contract involves a decrease in liabilities and an increase in assets. O End-of-period adjustments often affect cash flows.
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