Asked Feb 7, 2020
Adjusting entries affect at least one
a.revenue and the dividends account
b.income statement account and one balance sheet account
c.revenue and one owner's equity account
d.asset and one owner's equity account

Expert Answer

Step 1

Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to update the income statement accounts (revenue and expenses) a...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in



Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: Premium Amortization On the first day of the fiscal year, a company issues a $9,000,000, 9%, 8-year ...

A: Premium on bonds payable: It occurs when the bonds are issued at a high price than the face value. T...


Q: What is the difference between variable and absorption costing. How does these variable costing help...

A: Absorption costing is a costing mechanism where all the costs related to the production are assigned...


Q: E5-2

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...


Q: Presented below is the trial balance of Grimjow Corporation at December 31, 2020.     Debit   ...

A: Balance Sheet:   A balance sheet is a financial statement that is prepared by an organization to sho...


Q: Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11%, f...

A: Click to see the answer


Q: E5-3

A: Requirement a: Journalize the entry:


Q: Variable and Absorption Costing The following data were adapted from a recent income statement of An...

A: a. Income statement according to the variable costing is prepared as follows:     Ending results ar...


Q: Jobim Inc. had the following condensed balance sheet at the end of operations for 2019. Jobim Inc...

A: The statement of cash flows is prepared for the year ending 2020. Operating activities provides net ...


Q: PARRISH 4-1 CORRECTING TRIAL BALANCE. Please correct the following Trial Balance and show me how you...

A: Trial balance: A financial statement which integrates all the balance of ledger accounts is termed a...