When an account receivable is collected in cash, the total assets of the business increase.
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Q26: For a month's transactions for a typical
Q27: The normal balance of an expense account
Q28: The normal balance of a capital account
Q29: When a business receives a bill from
Q30: Owner's equity will be reduced by the
Q32: Expense accounts are increased by credits.
Q33: Withdrawals decrease owner's equity and are listed
Q34: When an owner invests assets in the
Q35: When an account payable is paid with
Q36: Liabilities are debts owed by the business
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