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Are the following possibilities conceivable in an entry involving only one debit and one credit? Please explain your response for each item. Provide five or
Are the following possibilities conceivable in an entry involving only one debit and one credit? Please explain your response for each item. Provide five or six correct responses:
Increase a liability and increase an expense.
Increase an asset and decrease a liability.
Increase revenue and decrease an expense.
Decrease an asset and increase another asset.
Decrease an asset and increase a liability.
Decrease revenue and decrease an asset.
Decrease a liability and increase revenue.
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