Question: help asap Which statement is INCORRECT about the characteristics of adjusting entries? Every adjusting entry affects an income statement account AND a balance sheet account.

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Which statement is INCORRECT about the characteristics of adjusting entries? Every adjusting entry affects an income statement account AND a balance sheet account. account Adjusting entries are prepared throughout the accounting period The Cash account is never used when preparing adjusting entries Every adjusting entry involves either a revenue or an expense account

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