For the basic accounting equation to stay in balance, each transaction recorded must affect less accounts then two accounts. affect two or more accounts. always affect exactly two accounts. affect the same number of asset and liability accounts.

For the basic accounting equation to stay in balance, each transaction recorded must affect less accounts then two accounts. affect two or more accounts. always affect exactly two accounts. affect the same number of asset and liability accounts.

Name: For the basic accounting equation to stay in balance, each transactio
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Description: For the basic accounting equation to stay in balance, each transaction recordedmust *affect less accounts then two accounts.affect two or more accounts.always affect exactly two accounts.affect the same number of asset and liability accounts.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 4QY: Which of the following statements is true? a. Every transaction is recorded as an increase and/or...

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Similar questions

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FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.
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Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.