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3 Written Questions

2 Multiple Choice Questions

  1. Debited - Expense.
    Credit - Asset.
  2. Debited - Assets.
    Credit - Revenue.

2 True/False Questions

  1. Every adjusting entry affects either an asset or a liablility.No adjusting entry debits or credits cash at bank because the cash transaction are recored at other times.


  2. Depreciation.Debited - Expense.
    Credit - Contra Asset.


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