Summary of Adjusting Entries Video Lessons

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Problem: Which of the following is TRUE about every adjusting entry? A) They affect only income statement accounts. B) They affect a balance sheet account and an income statement account. C) They affect only balance sheet accounts. D) The affect only accounts with normal debit balances.

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Which of the following is TRUE about every adjusting entry?

A) They affect only income statement accounts.

B) They affect a balance sheet account and an income statement account.

C) They affect only balance sheet accounts.

D) The affect only accounts with normal debit balances.

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