Test bank financial and managerial accounting by warren 9e ch02 analyzing transactions

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... assets, expenses and dividends are increased by debits b assets are decreased by credits and have a normal debit balance c liabilities, revenues and stockholders’ equity are increased by credits d... 24 Land Cash Purchased land for business 15,000 15,000 26 ✦ Chapter 2 /Analyzing Transactions What effects does this journal entry have on the accounts? a Increase to Cash and increase to Land... Increase to Cash and increase to Land b Increase to Land and decrease to Cash c Decrease to Cash and decrease to Land d Increase to Cash and decrease to Land ANS: B DIF: Moderate OBJ: 02-01 73 June 26
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