Which of the following is true? Debits decrease asset and expense accounts, and increase liability,...
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Accounting
Which of the following is true? Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. The total amount debited need not equal the total amount credited for a particular transaction The left side of a T-account is the debit side. The left side of a T-account is the credit side. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. Question 2 (2 points) According to the revenue recognition principle, revenue is recorded when: Services are performed Either when the cash is received or the services are performed, which ever happens first Either when the cash is received or the services are performed, which ever happens second The cash is received Which account will not be used in an adjusting entry? Insurance Expense Cash Accounts Receivable Accumulated Depreciation
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