11. Asset debits should be on the right and liability debits should be on the...
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11. Asset debits should be on the right and liability debits should be on the left. 12. I n some cases, increases in account balances are recorded on the right sides of accounts. 3-22 5-Step Recording Process Suppose you buy a $125 pair of shoes for cash from Nike on November 12, 20X0. The shes cost Nike $80. Follow the accounting for your purchase through the five steps that lead from recording your purchase to its inclusion in Nike's financial statements. List each step and wh happens to the record of your purchase in the step. 3-23 Matching Transaction Accounts
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