Question 7The normal balance of the counter account that is used to close the accounts is in:a.You have no normal balanceb.DebtG.CreditQuestion 8The order of the financial statements is:a.Trial balance,statement ofowner eguityandbalance sheetb.Balance sheet, incomestatementandstatementof owner equityCStatementof owner eguity,balance sheetandincome statementd.Incomestatement statementof ownereguityandbalancesheetQuestion 9The permanent accounts are:a.Assets, expenses and capitalb.Assets, liabilities and equityC.Assets, liabilities, capital and expensesd.Assets, liabilities, equity and income

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The normal balance of the counter account that is used to close the accounts is in: a.You have no normal balance b.Debt c.Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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