If the debit portion of an adjusting entry is to an asset ...

[sc00by25]

If the debit portion of an adjusting entry is to an asset account, then the credit portion must be to a liability account.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

The General Fund's share of its contribution to a Pension Trust Fund on behalf of the its employees would be reported by the General Fund as
 
  A. A transfer out.
  B. An other financing source.
  C. An expenditure.
  D. An other financing use.

[ririgirl15]

Answer to Question 1

False

Answer to Question 2

C

[sc00by25]

Gracias!

[dantucker]

Thanks for the timely response, appreciate it