Effect of an Adjusting Entry and Debit Entry
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Please choose the right answer and explain in a few words why:
1. The effect of an adjustment is:
a.To correct an entry that was not in balance.
b.To increase the accuracy of the financial statements.
c.To close the books.
d. To record transactions not previously recorded.
2. A debit entry to an account will:
a. Increase the balance of a revenue account.
b Always decrease the account balance.
c. Always increase the account balance.
d. Increase the balance of an expense account.
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Solution Summary
This solution discusses the effect of an adjusting journal entry and the effect of making a debit entry to an account.
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1. An adjusting journal entry is made when a non-cash account, such as depreciation, is adjusted to its correct value. Because the account is not affected by normal operating transactions, such as sales of merchandise or the payment of ...
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