An Adjusting Entry

question 127

Multiple Choice

An adjusting entry

• A) affects two balance sheet accounts.
• B) affects two income statement accounts.
• C) affects a balance sheet account and an income statement account.
• D) is always a compound entry.

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Definitions:

Abigail Adams

The wife of John Adams, the second President of the United States, renowned for her early advocacy of women’s rights and her influential role as a First Lady.

Household

An individual or group of people living together in a single dwelling, often functioning as a single economic and domestic unit.

Urban Population

Refers to the segment of a country's population that resides within cities and towns, as opposed to rural areas.

Indentured Workers

Laborers bound by contract to work for a specific employer for a set period in exchange for passage, accommodation, and food.