20. Credits are used to record

Multiple Choice

• decreases in liabilities and increases in assets and owner's equity.

• decreases in assets and owner's equity and increases in liabilities.

• increases in liabilities and owner's equity.

• decreases in assets, liabilities, and owner's equity.

21.

The supplies account decreases with a debit.

True or False

25,.

Information from the journal is transferred into the general ledger during the process of posting.

True or False