Adjusting entries:
a. Affect only income statement accounts.
b. Affect only balance sheet accounts.
c. Affect both income statement and balance sheet accounts.
d. Affect only cash flow statement accounts.
e. Affect only equity accounts.
Answer: c. Affect both income statement and balance sheet accounts.
Business
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Fill in the blank(s) with the appropriate word(s).
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An agency by estoppel is created
a. by a written contract. b. when the principal is a minor. c. when the principal leads others to believe a person is her or his agent. d. for one specific purpose.
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