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Which does not correctly describe an adjusting journal entry

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Reference no: EM132880906

Problem 1: Which of the following does not correctly describe an adjusting journal entry that debits interest expense and credits interest payable?

A. The entry increases expenses and decreases retained earnings.
B. The entry decreases net income and decreases stockholders' equity.
C. The entry increases expenses and increases liabilities.
D. The entry decreases assets and decreases stockholders' equity.

Reference no: EM132880906

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