Purchasing supplies on credit increases assets while decreasing liabilities.
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Q18: A prepaid expense occurs when a company
Q19: A ledger is a type of account.
Q20: An account balance is the difference between
Q21: A transaction that increases an asset account
Q22: The chart of accounts is a list
Q24: When a business sends a bill for
Q25: If a company sells products and receives
Q26: Asset accounts normally have credit balances and
Q27: Debits to accounts are normally decreases.
Q28: The normal balance of an account refers
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