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If the total of expenses is greater than the total of revenue in the income statement, the business has a net loss. True or False.
If the total of expenses is greater than the total of revenue in the income statement, the business has a net loss. TRUE.
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Asked 5/22/2013 10:31:33 PM
Updated 10 days ago|7/4/2018 2:26:16 PM
1 Answer/Comment
Flagged by emdjay23 [7/4/2018 3:33:53 AM], Edited by Masamune [7/4/2018 2:26:13 PM], Unflagged by Masamune [7/4/2018 2:26:16 PM]
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If the total of expenses is greater than the total of revenue in the income statement, the business has a net loss. TRUE.
Added 11 days ago|7/4/2018 3:33:52 AM
This answer has been confirmed as correct and helpful.
Confirmed by Masamune [7/4/2018 2:26:15 PM], Masamune [7/4/2018 2:26:15 PM]
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Questions asked by the same visitor
When Delivery Equipment is purchased on account, the journal entry to record this transaction includes Answer A. debiting Delivery Equipment and crediting Accounts Payable. B. debiting Delivery Expense and crediting Cash. C. debiting Delivery Expense and crediting Accounts Payable. D. debiting Delivery Equipment and crediting Cash.
Question
Expert Answered
Updated 3/1/2015 11:37:24 AM
1 Answer/Comment
When Delivery Equipment is purchased on account, the journal entry to record this transaction includes: debiting Delivery Equipment and crediting Accounts Payable.
Added 3/1/2015 11:37:16 AM
This answer has been confirmed as correct and helpful.
The balance sheet reports assets, liabilities and owner's equity on a specific date. true or false
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Expert Answered
Updated 5/4/2015 2:13:46 AM
3 Answers/Comments
The balance sheet reports assets, liabilities and owner's equity on a specific date. TRUE.



Added 5/4/2015 2:13:46 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [5/4/2015 2:16:35 AM]
A contra-asset has a normal debit balance.
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Expert Answered
Updated 3/1/2015 11:37:55 AM
1 Answer/Comment
A contra-asset has a normal debit balance. This statement is False.

A contra asset account is an asset account which is expected to have a credit balance (which is contrary to the normal debit balance of an asset account).

Added 5/22/2013 10:38:18 PM
This answer has been confirmed as correct and helpful.
Confirmed by debnjerry [3/1/2015 11:38:04 AM]
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