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3 Written questions

2 Multiple choice questions

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

2 True/False questions

  1. Every adjusting entry affects either an asset or a liablility.1. Measure business profit(revenue and expenses) in the income statement accurately.
    2. Update the balance sheet accounts(assets and liabilities).

          

  2. Accrued revenue.Debited - Expense.
    Credit - Liability

          

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