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?a. Increases the balance of a revenue account.b. Increases the balance of an expense account.c. Increases the balance of an asset account.

For each of the tollowing transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each account affected the account name and amount and indicating whether it is an nddition () or a subtraction ( Transaction a has been done as an illustration. Net income is not affected by every transaction. In some cases, only one column may be affected because all of the specific accounts affected by the transaction are included in that category. a. Recorded $200 of depreciation expense. b. Sold land that had originally cost $9,000 for $14,000 in cash. c. Acquired a new machine under a financing lease. The present value of future lease payments, discounted at 10%, was $10,000. d. Recorded the first annuai payment of $2.200 for the leased machine (in part c). e. Recorded a $5,100 payment for the cost of developing and registering a trademark. f. Recognized periodic amortization for the trademark (in part e) using a 34-year…

The account type and normal balance of Fees earned is a. asset, debit b. expense, debit c. revenue, credit d. liability, credit

When the amount of rebate on bills discounted shown in the adjustments, then it has to be: a. Deducted from discounts received on bills and shown in other liabilities b. Deducted from discounts on bills purchased and shown in fixed assets c. Deducted from discounts received on bills and shown in other assets d. Added to discounts received on bills and shown in other liabilities

explain the impact on the balance sheet and income statement, specifying which accounts are affected and whether the balance is over or understated,  if adjustments to recognize prepaid insurance as being expired and unearned revenue as being earned, are not recorded.

If an asset account is credited, it indicates O An error. An increase in the asset. O A decrease in the asset. O A credit was made to a liability account.

Accrual accounting requires adjusting entries. Provide an example of an adjusting entry.