Question: 1. A debit may signify, a decrease in expenses, increase in revenue, increase in liabilities, increase in assests? 2. The company performed services on account.
1. A debit may signify, a decrease in expenses, increase in revenue, increase in liabilities, increase in assests?
2. The company performed services on account. This transaction would be a debit to accounts receivable, accounts payable, cash, fees earned, equipment?
3. The company performed services on account. This transaction would be a credit to accounts receivable, accounts payable, cash, fees earned, equipment?
4. The company purchased a 6 month insurance policy. This transaction will include a debit to, cash, common stock, fees earned, accounts payable, accounts receivable, prepaid insurance.
5. The company paid a creditor. This transaction would include a credit to, cash, accounts payable, accounts receivable, common stock, fees earned, supplies?
6. The company paid monthly salaries. This transaction would include a credit to, accounts receivable, accounts payable, common stock, supplies, fees earned?
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