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question 1.2.3 Question 1 (1 point) A common characteristic of an adjusting entry is that each adjusting entry involves a balance sheet account and an

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Question 1 (1 point) A common characteristic of an adjusting entry is that each adjusting entry involves a balance sheet account and an income statement account True False Question 2 (1 point) Unearned revenue, a cash payment which has been received in advance, is recorded as an asset of the business True False Question 3 (1 point) Accumulated depreciation is a contra asset account True False

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