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Author Archives: Anonymous

To increase a liability account, you credit the account.

To increase a liability account, you credit the account.

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Accounts Payable normally has a debit balance.

Accounts Payable normally has a debit balance.

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Which of the following would NOT have assets on it?

Which of the following would NOT have assets on it?

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Another term for net worth is:

Another term for net worth is:

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If the income summary has a debit balance, the company is op…

If the income summary has a debit balance, the company is operating at a:

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Money paid for the use of money is:

Money paid for the use of money is:

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Revenue has a ___________balance.

Revenue has a ___________balance.

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Expenses get closed out to what account?

Expenses get closed out to what account?

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The Trial Balance is an informal financial statement.

The Trial Balance is an informal financial statement.

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Which of the following is an example of a liability?

Which of the following is an example of a liability?

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