a) Recording the usage of supplies involves an increase in liabilities and a decrease i e b) The accrual of salaries is considered a claims exchange transaction. c) An asset use transaction cannot result in an increase in equity. d) Asset exchange transactions cannot affect cash flows. e) Some claims exchange transactions involve an increase in a liability account and a crount

Identify the statement below that is correct: Multiple Choice Debits decrease asset and expense accounts, and increase liability, equity, and revenue accounts. The left side of a T-account is the credit side. Credits increase asset and expense accounts, and decrease liability, equity, and revenue accounts. The total amount debited need not equal the total amount credited for a particular transaction. The left side of a T-account is the debit side.

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