Which of the following statements is not true- (A) Adjustments to prep.docx

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Adjusting entries do not affect the cash account. While adjustments often involve one income statement account and one balance sheet account, the statement that adjusting entries always do is not true. The only incorrect statement provided is that adjusting entries affect the cash account, as adjusting journal entries are made to record financial activities that occurred but were not fully recorded during the accounting period.

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Which of the following statements is not true?
(A) Adjustments to prepaid expenses and unearned revenues are deferral adjustments.
(b) Adjustments for wages and income taxes are normally accrual adjustments.
(c) Adjusting entries affect the cash account
(d)
Adjusting entries involve one income statement account and one balance sheet account.
Solution
Hello and welcome! :)
Adjusting entries will never include cash, so (c) Adjusting entried affect the cash account is
your answer.
Have a great day.
Edit: (Be careful. I noticed above that someone said that (d) is the correct answer. This is not
correct. Adjusting entries definitely can be one income statement and one balance sheet account.
Example: Accrued wages - Debit wages expense [income statement] and credit wages payable
[balance sheet] Your answer is (c).)

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Which of the following statements is not true- (A) Adjustments to prep.docx

1. Which of the following statements is not true? (A) Adjustments to prepaid expenses and unearned revenues are deferral adjustments. (b) Adjustments for wages and income taxes are normally accrual adjustments. (c) Adjusting entries affect the cash account (d) Adjusting entries involve one income statement account and one balance sheet account. Solution Hello and welcome! :) Adjusting entries will never include cash, so (c) Adjusting entried affect the cash account is your answer. Have a great day. Edit: (Be careful. I noticed above that someone said that (d) is the correct answer. This is not correct. Adjusting entries definitely can be one income statement and one balance sheet account. Example: Accrued wages - Debit wages expense [income statement] and credit wages payable [balance sheet] Your answer is (c).)