Adjusting entries affect at least one
A) income statement account and one balance sheet account
B) revenue and the drawing account
C) asset and one owner's equity account
D) revenue and one capital account

Question

Quizplus · Accepted Answer

Adjusting entries are made at the end of an accounting period to record transactions that have occurred but have not yet been recorded. These entries typically affect one income statement account and one balance sheet account. For example, accruals, deferrals, and depreciation are common types of adjusting entries that affect both the income statement and the balance sheet.

Adjusting Entries Affect at Least One