Which of the following statements is true? a. Every transaction is recorded as an increase and/or decrease in only one account. b. One side of the equation does not need to equal the other side of the equation. c. Double-entry accounting is demonstrated by the fact that each transaction must be recorded in at least two accounts. d. When a business earns revenue, owner’s equity decreases.

BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter 1, Problem 4QY
Textbook Problem

Which of the following statements is true?

  1. a. Every transaction is recorded as an increase and/or decrease in only one account.
  2. b. One side of the equation does not need to equal the other side of the equation.
  3. c. Double-entry accounting is demonstrated by the fact that each transaction must be recorded in at least two accounts.
  4. d. When a business earns revenue, owner’s equity decreases.

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Chapter 1 Solutions

College Accounting (Book Only): A Career Approach

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