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Which of the following statements about the debit/credit framework is correct? The total amount of asset accounts must equal the total amount of liability accounts
Which of the following statements about the debit/credit framework is correct? The total amount of asset accounts must equal the total amount of liability accounts minus the total amount of stockholders' equity accounts All asset accounts have a normal debit balance with the exception of cash which has a normal credit balance When payment is made on a liability such as accounts payable, the liability account is decreased with a debit The Common Stock account is increased by debits
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