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Chapter 2 Recording Business Transactions

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Question;12) When a business collects cash, the;Cash account is debited.;13) When a business records an expense;incurred, the Expense account is credited.;14) When a business records revenue;earned, the Revenue account is credited.;15) A debit always means a decrease and a;credit means increase.;16) Which of the following accounts;increases with a credit?;A) Cash;B) Common Stock;C) Accounts Receivable;D) Prepaid Expenses;17) Which of the following accounts;decreases with a credit?;A) Cash;B) Common Stock;C) Accounts Payable;D) Notes Payable;18) Which of the following accounts;increases with a debit?;A) Cash;B) Interest Payable;C) Accounts Payable;D) Common Stock;19) Which of the following accounts decreases;with a debit?;A) Accounts Receivable;B) Notes Payable;C) Cash;D) Land;20) Which of the following groups of;accounts normally have a credit balance?;A) assets and liabilities;B) equity and assets;C) liabilities and stockholders' equity;D) assets and expenses

 

Paper#55121 | Written in 18-Jul-2015

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