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Unformatted text preview: decrease an asset account to keep the accounting system in balance. F 7. The Common Stock account tracks the owners claim to assets that result from the operation of the business. F 8. The collection of cash from a customer will always result in an increase in the Retained Earnings account. T 9. The payment of wages to employees for work they performed during the current accounting period will result in a reduction of Retained Earnings. F 10. The Common Stock account is decreased by a debit; while the Retained Earnings account is increased by a debit....
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This note was uploaded on 10/20/2011 for the course ACC 221 taught by Professor Wiegand during the Spring '08 term at Miami University.
- Spring '08
- Financial Accounting