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Question 1: If the effect of the credit portion of an adjusting entry is to increase the balance of a revenue account, which of the following describes the effect of the debit portion of the entry? Option 1: increases the balance of a stockholders' equity account
Option 2: decreases the balance of an asset account
Option 3: decreases the balance of a liability account
Option 4: increases the balance of a contra revenue account
Question 2: At the end of the fiscal year, the usual adjusting entry to accrue wages due on the last day of the fiscal period was omitted. Which of the following is true? Option 1: net income will be overstated for the current year
Option 2: .total assets will be understated at the end of the current year
Option 3: the balance sheet and income statement will be misstated but the statement of stockholders' equity will be correct for the current year
Option 4: total assets and total liabilities will be understated
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