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In classifying transactions, which of the following is true in regard to assets? A. Normal balances and increases are debits. B. Normal balances and decreases are credits. C. Normal
balances can either be debits or credits for assets. D. Normal balances are debits and increases can be debits or credits.
In classifying transactions the following is true in regard to assets: A. Normal balances and increases are debits.
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User: In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, and capital statement B. Income statement, capital statement, statement of cash flows, and balance sheet C. Balance sheet, capital statement, statement of cash flows, and income statement D. Income statement, capital statement, balance sheet, and statement of cash flows

User: In classifying transactions, which of the following is true in regard to assets? A. Normal balances and increases are debits. B. Normal balances and decreases are credits. C. Normal balances can either be debits or credits for assets. D. Normal balances are debits and increases can be debits or credits.

Weegy: In classifying transactions the following is true in regard to assets: A. Normal balances and increases are debits.
debnjerry|Points 29897|

User: In classifying transactions, which of the following is true in regard to assets? A. Normal balances and increases are debits. B. Normal balances and decreases are credits. C. Normal balances can either be debits or credits for assets. D. Normal balances are debits and increases can be debits or credits.

Weegy: In classifying transactions the following is true in regard to assets: A. Normal balances and increases are debits.
debnjerry|Points 29897|

User: 4) An increase in an expense account must be A. debited B. credited C. either debited or credited, depending on the circumstances D. capitalized

User: ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry? A. Cash $100 Common Stock $100 B. Cash $500 Common Stock $500 C. Cash $500 Paid-in Capital, Excess of Par $400 Common Stock $100 D. Cash $100 Paid-in Capital, Excess of Par $400 Common Stock $500

Weegy: If the treasury stock is sold for more than cost, then the paid-in capital treasury stock is the account that is increased, not retained earnings. So ans is B.
Expert answered|Shanaaz1986|Points 170|

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Asked 4/17/2012 1:18:30 PM
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Added 4/16/2012 11:29:23 AM
This answer has been confirmed as correct, not copied, and helpful.
Confirmed by andrewpallarca [6/16/2014 3:38:38 PM]
In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a A. $600 credit balance B. $1,400 debit balance C. $800 debit balance D. $800 credit balance
Weegy: C. $800 debit balance. $1,400 debit entries - $600 credit entries = $800 debit balance. User: Which ledger contains control accounts? A. Accounts receivable subsidiary ledger B. General ledger C. Accounts payable subsidiary ledger D. General revenue and expense ledger User: Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account? A. Accounts receivable subsidiary ledger B. Accounts receivable control ledger C. General ledger D. Accounts payable subsidiary ledger User: Under the cash basis of accounting, A. revenue is recognized when services are performed B. expenses are matched with the revenue that is produced C. cash must be received before revenue is recognized D. a promise to pay is sufficient to recognize revenue Weegy: B. expenses are matched with the revenue that is produced User: Under the accrual basis of accounting, A. cash must be received before revenue is recognized B. net income is calculated by matching cash outflows against cash inflows C. events that change a company’s financial statements are recognized in the period they occur rather than in the period in which the cash is paid or received D. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles Weegy: C. events that change a company?s financial statements are recognized in the period they occur rather than in the period in which the cash is paid or received User: The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is A. debit Laundry Expense, $2,000; credit Laundry ... (More)
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