If expenses are paid in cash, then
A) assets will increase.
B) liabilities will decrease.
C) shareholders' equity will increase.
D) assets will decrease.
Correct Answer:
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Q47: If services are performed on credit, then
A)assets
Q48: Recording revenue
A)increases assets and liabilities.
B)increases assets and
Q49: Which of the following items has no
Q50: An investment by the shareholders in a
Q51: A payment of a portion of accounts
Q53: The payment of a liability
A)decreases assets and
Q54: The purchase of an asset for cash
A)increases
Q55: If total liabilities increased by $22,500, then
A)assets
Q56: The purchase of an asset on credit
A)increases
Q57: Collection of an $800 accounts receivable
A)increases an
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