What is the effect of the adjusting entry on the company

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Reference no: EM131593497

At yearend December 31, 2010, McToil, Inc. owes its employees $20,000 for work performed in 2010. Payday is not until the first week in January 2011. What is the effect of the adjusting entry on the company’s total assets?

a. Increase

b. Decrease

c. No effect

d. Impossible to tell

Reference no: EM131593497

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