Revised Fall 2012 CHAPTER 2 ACCOUNTING FOR TRANSACTIONS

6. Expenses have the effect of decreasing retained earnings. True False 7. The Dividends account increases with a credit and decreases with a debit. True False 8. A journal provides a chronological record of all transactions affecting a firm. True False 9. A credit to an account balance always results in the balance decreasing. True False 10. ................
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