Which of the following is not true about an adjusting entry? a. It updates the asset and liability accounts. b. The cash payment occurs after an expense is incurred. c. It measure net income (loss) on...

Which of the following is not true about an adjusting entry?

a. It updates the asset and liability accounts.

b. The cash payment occurs after an expense is incurred.

c. It measure net income (loss) on the income statement.

d. It measure assets and liabilities on the balance sheet.