I need the answer to this?? Accounting-Fundamental Accounting Principles-Wild, S
ID: 2394275 • Letter: I
Question
I need the answer to this??
Accounting-Fundamental Accounting Principles-Wild, Shaw, and Chlappetta, 23e, Adjusting Accounts for Financial Statements Choose the statements) below which is (are) true regarding adjusting journal entries. (Check all that apply.) Check all that apply. A balance sheet account is always affected. An income statement account is always affected. Cash may sometimes be affected. Cash is never affected. D Read about this Do you know the answer? I know it Think so Unsure No ideaExplanation / Answer
Adjusting entries are made at the reporting period end to recognize the earned but not received incomes and account for incurred but not paid expenses. These entries will affect both income statement and balance sheet.
Hence, correct options are
“A balance sheet account is always affected”
“A income statement account is always affected” and
“Cash is never affected”