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Unformatted text preview: A journal entry can never have more than two accounts. 6. How many of the following accounts are Equity accounts ? TV Revenue Accounts Receivable Retained Earnings Net Income Cash ______1 (Retained Earnings)_______ 7. Debit or Credit One January 17 th , 2009 Campus Laundry sold $100 worth of laundry service to a UT student. Campus Laundry should debit or credit revenue? 8. The purpose of the balance sheet is to report the financial position of a firm at a: A. Particular point in time (on a specific date) B. Specific span of time (a period of time)...
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This note was uploaded on 12/13/2011 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas.
- Fall '08
- Financial Accounting