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Indicate Whether Each of the Following Statements Is True or False

Question 97

Short Answer

Indicate whether each of the following statements is true or false.
_____ a)The entry to record the purchase of supplies involves a debit to Supplies Expense and a credit to Cash.
_____ b)The entry to record the amount of supplies used involves a debit to Supplies Expense and a credit to Supplies.
_____ c)An asset use transaction may involve a debit to an asset and a credit to a liability.
_____ d)An asset exchange transaction may involve a debit to an asset and a credit to a liability.
_____ e)A claims exchange transaction may involve a debit to a liability and a credit to revenue.

Correct Answer:

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a)False b)...

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