Author Question: If the debit portion of an adjusting entry is to an asset account, then the credit portion must be ... (Read 87 times)

sc00by25 · **on:** Jul 5, 2018

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.