Question: Question 2 (1 point) The adjusting entry for accruals will increase which type(s) of accounts? Income statement and balance sheet Income statement and cash Income

Question 2 (1 point) The adjusting entry for accruals will increase which type(s) of accounts? Income statement and balance sheet Income statement and cash Income statement only Balance sheet only Question 3 (1 point) Baden Industries borrows $20,000 at 7% annual interest for six months on October 1, 2022. Which is the appropriate adjustment to accrue interest if Baden employs a December 31, 2022 fiscal year? Increase Interest Expense $350 Increase Interest Payable $350 Increase Interest Expense $1,400 Increase Interest Payable $1,400 Increase Interest Expense $350 Decrease Notes Payable $350 Decrease Notes Payable $1,400 Increase Interest Payable $1,400

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