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In the Excel, or spreadsheet, approach to recording financial transactions, an advertising expense paid in cash is recorded as a decrease in the Cash column
In the Excel, or spreadsheet, approach to recording financial transactions, an advertising expense paid in cash is recorded as a decrease in the Cash column and as a decrease in the Retained Earnings column. True or False True True False False In the Excel, or spreadsheet, approach to recording financial transactions, expired insurance coverage on factory equipment is recorded as a decrease in the Prepaid Insurance column and as a decrease in the Retained Earnings column. True or False | True True False False In the Excel, or spreadsheet, approach to recording financial transactions, if manufacturing overhead is underapplied by X dollars, the Manufacturing Overhead account is closed out by deducting X dollars in the Manufacturing Overhead column and deducting X dollars in the Retained Earnings column. True or False True True False In the Excel, or spreadsheet, approach to recording financial transactions, any transactions involving sales or expenses will be recorded in the Net Income column of the balance sheet. True or False True True False
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