Question: Complete the following statements using either debit or credit: (a) The asset account Prepaid Insurance is increased with a _________. (b) The owners drawing account

Complete the following statements using either “debit” or “credit”:

(a) The asset account Prepaid Insurance is increased with a _________.

(b) The owner’s drawing account is increased with a _________.

(c) The asset account Accounts Receivable is decreased with a _________.

(d) The liability account Accounts Payable is decreased with a _________.

(e) The owner’s capital account is increased with a _________.

(f) The revenue account Professional Fees is increased with a _________.

(g) The expense account Repair Expense is increased with a _________.

(h) The asset account Cash is decreased with a _________.

(i) The asset account Delivery Equipment is decreased with a _________.


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