When developing a chart of accounts, the highest block of numbers is assigned to asset accounts.
Correct Answer:
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Q1: Increases in assets and revenue are both
Q2: Increases in owner's equity are recorded with
Q3: Financial statements are prepared after the trial
Q4: Increases in the owner's drawing account are
Q5: An increase in an expense results in
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
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