Short Answer
Regarding the relationships of revenues and expenses to assets and liabilities,state whether each of the following statements is true or false.
_____ a)Recording an increase in a revenue account may be associated with a decrease in assets.
_____ b)Recording an increase in a revenue account may be associated with a decrease in liabilities.
_____ c)An increase in Salaries Expense may be accompanied by a decrease in Salaries Payable.
_____ d)Recording a decrease in assets may be associated with an increase in an expense account.
_____ e)A decrease in Supplies will be accompanied by an increase in Supplies Expense.
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a)False b)...View Answer
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