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.

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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 4PA: Identify which type of adjustment is associated with this account, and what is the other account in...

See similar textbooks

Similar questions

Consider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned Revenue
If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry? Oincreases the balance of an asset account Odecreases the balance of an owner's equity account Oincreases the balance of a contra asset account Oincreases the balance of an expense account
if the unearned interest is credited in the adjusting entry, which of teh following will be affected? a. nominal accountb. capital accountc. liability accountd. asset account
The adjusting entry to record accrued interest expense is: Debit Interest expense and credit Interest Payable. The answer is true or false
If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? a. Estimate b. Accruals c. Deferrals d. Provision
Which of the following would not be a correct form for an adjusting entry? a. A debit to a revenue and a credit to a liability b. A debit to an expense and a credit to a liability c. A debit to a liability and a credit to a revenue d. A debit to an asset and a credit to a liability
Which of the following is a distinguishing characteristic of an adjusting entry for deferrals? Select one: a. It includes the adjustment of an amount previously recorded in a balance sheet account. b. It always impacts the cash account. c. It affects at least one liability account. d. It increases a balance sheet account and decreases an income statement account.
In which of the following types of accounts are increases recorded by credits? A. revenues and liabilities B. drawing and assets C. expenses and liabilities
The adjusting entry for accrued revenues includes a O a. debit to an asset account. O b. credit to an asset account. O c. credit to an expense account. O d. debit to a revenue account.
For each description of adjusting entry given below, indicate whether it relates to a deferred revenue, deferred expense, accrued revenue or accrued expense AND give an example of the adjusting entry. a. A debit to an asset and a credit to a revenue. b. A debit to an expense and a credit to a liability. c. A debit to a liability and a credit to a revenue. Type of Transaction Example of adjusting entry
The account type and normal balance of Prepaid Expense are a.revenue, credit b.liability, credit c.expense, debit d.asset, debit
If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account, which of the following describes the effect of the debit portion of the entry? a Decreases the balance of a stockholders' equity account. b Increases the balance of an expense account. c Increases the balance of a contra asset account. d Increases the balance of an asset account