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2 points Question 20 1.A chart of accounts for a business:Answer is a graph.indicates the amount of profit or loss for the period.lists all of the company’s accounts.shows the balance of each account in the general ledger.2 points Question 21 1.The normal balance of Inventory is:Answer creditdebitboth a and b are correctnone of the above are correct2 points Question 22 1.When a corporation distributes a dividend the:Answer
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most common form of distribution is a cash dividend.Dividends account will be increased with a credit.Retained Earnings account will be increased with a debit.Dividends account will be decreased with a debit.2 points Question 23 1.Receiving a payment on account for a portion of an Accounts Receivable will:Answer not affect total assets.increase liabilities.increase stockholders' equity.decrease net income.2 points Question 24 1.A customer’s immediate payment of cash for services rendered would have which of the following affects on the company’s accounts?Answer increase assets and liabilities.increases assets and stockholders' equity.increases assets and decreases stockholders' equity.leaves total assets unchanged.2 points Question 25 1.Which of the following accounts is considered a contra account?Answer CashAccounts PayableSales RevenueAccumulated Depreciation 2 points Save and Submit
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