What is the effect of the adjusting entry on the companys, Financial Management

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What is the effect of the adjusting entry on the companys

At yearend December 31, 2010, McToil, Inc. owes its employees $20,000 for work performed in 2010. Payday is not until the first week in January 2011. What is the effect of the adjusting entry on the company’s total assets?

a. Increase

b. Decrease

c. No effect

d. Impossible to tell

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Financial Management: What is the effect of the adjusting entry on the companys

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