When cash is paid for supplies, the Supplies account is increased by a credit.
Correct Answer:
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Q3: Each asset account has a normal credit
Q4: Each liability account has a normal debit
Q5: Asset accounts decrease on the credit side.
Q6: Each transaction changes the balances in at
Q7: A list of accounts used by a
Q9: Common accounting practice is to record withdrawals
Q10: The left side of an asset account
Q11: A drawing account is increased by debits
Q12: Increases in expense accounts are recorded as
Q13: The normal balance side of an Accounts
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