Which of the following statements are true? I. Debits represent decreases and credits represent increases. II. Debits

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Which of the following statements are true?

I. Debits represent decreases and credits represent increases.

II. Debits must always equal credits.

III. Assets have normal debit balances while liabilities and stockholders’ equity have normal credit balances.

a. I

b. II and III

c. I and II

d. All of the above are true.

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Cornerstones Of Financial Accounting Current Trends Update

ISBN: 9781111527952

1st Edition

Authors: Jay Rich , Jeff Jones, Maryanne Mowen , Don Hansen

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