Essay
Complete the following entries by using a "debit" or "credit".
Received payment from a customer. Cash would have a: ________
Owner makes an investment of equipment. Capital would have a: ________
Paid rent in advance. Prepaid Rent would have a: ________
Billed a customer for services rendered. Revenue would have a: ________
Paid an advertising bill received last month. Cash would have a: ________
Owner withdrew cash. Withdrawals would have a: ________
Correct Answer:

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Q36: A debit to a liability account was
Q37: A company would review the ledger if
Q38: A company would review the general journal
Q39: The entry to record the payment of
Q40: A credit to a liability account was
Q42: A credit to an asset account was
Q43: As Withdrawals increase,<br>A) Owner's Equity decreases.<br>B) Owner's
Q44: The informal listing of the ledger accounts
Q45: When a computer is used for accounting,
Q46: If you debit Prepaid Insurance, you most