QUESTION 7 Which one of the following represents the "expanded accounting equation? O A Assets...
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QUESTION 7 Which one of the following represents the "expanded accounting equation? O A Assets - Owner's Drawings - Expenses = Liabilities. Owner's Capital Revenues. O B. Assets - Liabilities - Owner's Drawings Owner's Capital Revenues - Expenses O C. Assets = Revenues + Expenses - Liabilities OD. Assets = Liabilities Owner's Capital - Owner's Drawings + Revenue - Expenses + Click Save and Submit to save and submit. Click Save All Answers to save all answers, QUESTION 14 Prepaid expenses are usually initially recorded under liabilities account True O False QUESTION 15 The trial balance proves the mathematical equality of the debits and credits after posting O True False Click Save and Submit to save and submit. Click Save All Answers to save all answers. QUESTION 8 A Debit would O A. decrease assets and increase liabilities B. decrease both assets and liabilities. O Cincrease both assots and liabilities O D. increase assets and decrease liabilities Click Save and Submit to save and submit. Click Save All Answers to save all answers
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