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28 Sep 2019
If the effect of the credit portion of an adjusting entry is toincrease the balance of a liability account, which of the followingdescribes the effect of the debit portion of the entry?
Question 2 options:
increases the balance of a contra asset account
increases the balance of an asset account
decreases the balance of an owner's equity account
increases the balance of an expense account
If the effect of the credit portion of an adjusting entry is toincrease the balance of a liability account, which of the followingdescribes the effect of the debit portion of the entry?
Question 2 options:
increases the balance of a contra asset account
increases the balance of an asset account
decreases the balance of an owner's equity account
increases the balance of an expense account
Question 2 options:
increases the balance of a contra asset account
increases the balance of an asset account
decreases the balance of an owner's equity account
increases the balance of an expense account
Keith LeannonLv2
28 Sep 2019
Related questions
Which of the following is true?
An allowance for doubtful accounts is a contra asset account andthe normal balance is a credit. | ||
An allowance for doubtful accounts is a contra asset account andthe normal balance is a debit. | ||
An allowance for doubtful accounts is an expense account and thenormal balance is a debit. | ||
An allowance for doubtful accounts is an expense account and thenormal balance is a credit. |
