c. Account Effect of transaction Entry in account Assets Increase Debit Liability Increase Credit Capital Increase Credit

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A: Creditors are the persons to whom the entity has to pay some due money.

Q: Utility Expense.

A: If income and Liabilities are increased then it will be credited

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Q: Chapter2. The Recording Process Debits Credit Having learned the accounting equation, Increase…

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A: Accouting Formula: Assets = Liabilities + Capital

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A:

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A:

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A:

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A: The journal entries are prepared to keep the record of day to day transactions of the business.

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.