QUIZ_3 - ACCT-101 new Quiz 3 Owner Identified Answers are...

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Owner Identified: Answers are shown 1. Revenue should be recognized when: cash is received. the service is performed. the customer places an order. the customer charges an order. 2. Which statement(s) concerning cash is (are) true? cash will always have more debits than credits. cash will never have a credit balance. cash is increased by debiting. all of the above. 3. A debit may signify a(n): decrease in asset accounts. decrease in liability accounts. increase in the capital account. decrease in the drawing account. 4. The classification and normal balance of the accounts payable account is: an asset with a credit balance. a liability with a credit balance. owner's equity with a credit balance. revenue with a credit balance. 5. The payment for the monthly rent will require the following entry: Debit Cash and Debit Rent Expense. Credit Cash and Credit Rent Expense. Debit Rent Expense and Credit Cash. 1
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QUIZ_3 - ACCT-101 new Quiz 3 Owner Identified Answers are...

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