The effect of credit portion of an adjusting entry

The effect of credit portion of an adjusting entry
f the effect of the credit portion of an adjusting
entry is to increase the balance of a liability account,
which of the following statements describes the ef-
fect of the debit portion of the entry?
a. Increases the balance of a revenue account.
b. Increases the balance of an expense account.
c. Increases the balance of an asset account.
8. Does every adjusting entry have an effect on determin-
ing the amount of net income for a period? Explain.
9. On November 1 of the current year, a business paid
the November rent on the building that it occupies.
(a) Do the rights acquired at November 1 represent
an asset or an expense? (b) What is the justification
for debiting Rent Expense at the time of payment?
10. (a) Explain the purpose of the two accounts: Depre-
ciation Expense and Accumulated Depreciation. (b)
What is the normal balance of each account? (c) Is
it customary for the balances of the two accounts
to be equal in amount? (d) In what financial state-
ments, if any, will each account appear?
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