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What are the possible combinations

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Question - We discussed in class that at least one account will be a permanent account and at least one will be a temporary account. Using the following as the types of accounts answer the questions below:

Assets, Liabilities, Owners' Equity (other than Retained Earnings), Revenues, Expenses

1. How many possible combinations of two types of accounts can be affected by adjusting journal entries?

2. What are the possible combinations? (Please designate whether the account type is being increased or decreased.)

If you prefer, you may list specific examples, but be sure to also list the account type.

Reference no: EM132906800

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