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28-01-2020
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If the effect of the debit portion of an adjusting entry is to increase the balance of an expense account, which of the following describes the effect of the credit portion of the entry?

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mchaid015 mchaid015

29-01-2020

Answer:

to decrease an asset account balance

Explanation:

If the effect of the debit portion of an adjusting entry is to increase the balance of the expense account, the credit portion of the entry on the otherhand is to DECREASE AN ASSET ACCOUNT balance. Let's say, you will make an adjusting entry to record rent expense at the end of the year. You will debit rent expense (which is an expense account) and then the credit portion of it is to credit prepaid rent (an asset account).

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