An adjusting entry always affects: A) at least one asset account and one liability account. B) two different balance sheet accounts. two different income statement accounts. at least one income statement account and one balance sheet account.

An adjusting entry always affects: A) at least one asset account and one liability account. B) two different balance sheet accounts. two different income statement accounts. at least one income statement account and one balance sheet account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

An adjusting entry always affects:
at least one asset account and one liability account.
two different balance sheet accounts.
two different income statement accounts.
at least one income statement account and one balance sheet account.

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