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Please answer questions 1-5. If they are correct I will upvote! Thank you! You may need to zoom in to see the questions. Question 1
Please answer questions 1-5. If they are correct I will upvote! Thank you!
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Question 1 Bob is starting a new business by putting $10,000 cash into the business. The credit for this transaction would be O $10,000 increase (credit) to Bob's Capital Account $10,000 credit to cash O $5,000 credit to cash and a $5,000 credit to Bob's Capital Account Question 2 When inventory is sold, there are two thing happening: 1) we have to remove the inventory from the books, and 2) we have to record the revenue. We record the revenue with an increase to the revenue account and what else? increase to accounts payable O increase to cash or accounts receivable o increase to inventory Question 3 We show an increase in an asset account with a O either a debit or a credit O credit O debit Question 4 Assets = Liabilities + ? stock 0 nothing O owners' equity Question 5 We show a decrease in a liability with a O neither O credit debitStep by Step Solution
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