If the effect of an adjustment is to increase the balance of an asset account, which of the…
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1. If the effect of an adjustment is to increase the balance of an asset account, which of the following statements describes the effect of the adjustment on the other account?
a. Increases the balance of a revenue account.
b. Increases the balance of a liability account.
c. Increases the balance of an expense account.
2. Does every adjustment have an effect on determining the amount of net income for a period? Explain.
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