A business transaction must affect at least two accounts.
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Q7: Revenue is a component of owner's equity.
Q8: When preparing the trial balance, the total
Q9: If the total on the debit side
Q10: The normal balance of a liability account
Q11: Debit entries increase asset, drawing, expense and
Q13: When an owner invests assets in a
Q14: Increases in assets and expenses are both
Q15: Credits increase Liabilities, Owner's Equity, and Revenue.
Q16: Utilities Expense would be debited when a
Q17: The current system of accounting is called
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