The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called complex-entry accounting.
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Q10: When debits equal credits for a transaction,the
Q11: The difference between the footings of an
Q12: The sum of the debits must equal
Q13: To debit an account is to enter
Q14: Prepaid Insurance is an asset account.
Q16: A credit increases liabilities and owner's equity.
Q17: Liability accounts normally have debit balances.
Q18: Expense accounts normally have debit balances.
Q19: If services for the month total $7,000
Q20: An increase or decrease in any asset,liability,owner's
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