Which of the following statements is TRUE? * O A business should credit Revenue when the business receives a donation. A business should not debit Drawings unless the owner takes out Cash for personal use. O Beginning Equity + Net Income + Drawings = Ending Equity Revenue should be credited when a service is performed for a customer even if the customer isn't going to pay until later.

Which of the following statements is TRUE? * O A business should credit Revenue when the business receives a donation. A business should not debit Drawings unless the owner takes out Cash for personal use. O Beginning Equity + Net Income + Drawings = Ending Equity Revenue should be credited when a service is performed for a customer even if the customer isn't going to pay until later.

Name: Which of the following statements is TRUE? *A business should credit
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Description: Which of the following statements is TRUE? *A business should credit Revenue when the business receives a donation.A business should not debit Drawings unless the owner takes out Cash for personaluse.O Beginning Equity + Net Income + Drawings = Endi

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 5DQ: What is the effect on the fundamental accounting equation if supplies are purchased on account? How...

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