When a company bills a customer for $700 for services rendered, the journal entry to record this transaction will include a $700 debit to Services Revenue.
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Q21: If insurance coverage for the next two
Q22: Debit means increase and credit means decrease
Q23: Increases in liability accounts are recorded as
Q24: Asset accounts are decreased by debits.
Q25: Debits increase asset and expense accounts.
Q27: Crediting an expense account decreases it.
Q28: A transaction that decreases a liability and
Q29: An owner's withdrawal account normally has a
Q30: A debit entry is always an increase
Q31: The purchase of supplies on credit should
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