Which of the following statements is incorrect? Group of answer choices A. The accounting equation must always remain in balance. B. Liability accounts are increased by debit entries and decreased by credit entries. C. Expense accounts normally have debit balances. D. Common Stock and Retained Earnings accounts are increased by credit entries and decreased by debit entries
Which of the following statements is incorrect? Group of answer choices A. The accounting equation must always remain in balance. B. Liability accounts are increased by debit entries and decreased by credit entries. C. Expense accounts normally have debit balances. D. Common Stock and Retained Earnings accounts are increased by credit entries and decreased by debit entries
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 2QY: Which of the following statements is correct? a. Increases to cash are shown on the right side of...
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Which of the following statements is incorrect?
Group of answer choices
A. The accounting equation must always remain in balance.
B. Liability accounts are increased by debit entries and decreased by credit entries.
C. Expense accounts normally have debit balances.
D. Common Stock and Retained Earnings accounts are increased by credit entries and decreased by debit entries.
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