Step Two of the accounting cycle requires that we record transactions in a record called a journal.
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Q31: A compound journal entry usually affects three
Q32: A revenue account normally has a debit
Q32: A transaction that decreases an asset account
Q33: A chart of accounts lists the accounts
Q34: Increases in liabilities are recorded as debits.
Q37: A credit purchase of a business expense
Q38: Prepaid Insurance is an expense account which
Q39: All increases and decreases in cash are
Q40: To credit an asset account means to
Q41: An abnormal balance in an account refers
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