If services for the month total $7,000 in cash and $1,500 on account,the revenue account increases $5,500.
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Q14: Prepaid Insurance is an asset account.
Q15: The fact that each transaction has a
Q16: A credit increases liabilities and owner's equity.
Q17: Liability accounts normally have debit balances.
Q18: Expense accounts normally have debit balances.
Q20: An increase or decrease in any asset,liability,owner's
Q21: John received $350 for delivery services; this
Q22: The owner's capital account normally has a
Q23: The balance of a T account is
Q24: Owner's equity includes four types of accounts:
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