Adjusting entries affect at least:
A)one revenue and one expense account.
B)one asset and one liability account.
C)one revenue and one balance sheet account.
D)one income statement account and one balance sheet account.

Question

Quizplus · Accepted Answer

Adjusting entries are made to update the accounts before financial statements are prepared. They typically involve one income statement account (revenue or expense) and one balance sheet account (asset or liability).

Adjusting Entries Affect at Least