The normal balance of the Supplies account is a account.
A) debit; shareholders' equity
B) debit; asset
C) credit; liability
D) credit; expense
Correct Answer:
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Q21: Which of the following statements regarding accounts
Q22: Interest payable, income tax payable and salary
Q23: What is the first step in the
Q24: The account credited when supplies are purchased
Q25: A trial balance is:
A) a list of
Q27: Which type of account is credited when
Q28: A credit decreases the balance of which
Q29: Accounting transactions are first recorded in a
Q30: When a business sells inventory in exchange
Q31: Which type of account is credited when
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