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Cards In This Set
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When a company sells common stock for cash, what is debited?
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Current Assets
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When a company sells common stock for cash, what is credited?
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Paid-in-capital
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When a company purchases buildings and equipment by issuing a long term note payable what is debited?
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Plant, property, and equipment
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When a company purchases buildings and equipment by issuing a long term note payable what is credited?
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Long term liabilities
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When a company purchases supplies that will not be used up immediately with cash what is debited?
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Current assets
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When a company purchases supplies that will not be used up immediately with cash what is credited?
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Current assets
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When a company earns revenue on account what is debited?
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Current assets
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When a company earns revenue on account what is credited?
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Retained earnings - revenue account
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Purchase inventory on account - what is debited?
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Current asset
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Purchase inventory on account - what is credited?
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Current liabilities
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Collect Account Receivable - what is debited?
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Current assets
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Collect Account Receivable - what is credited?
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Current assets
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Record sale of inventory on account - what is debited?
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Current assets
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Record sale of inventory on account - what is credited?
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Retained earnings - revenue account
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Record cost of goods sold for sale of inventory - what is debited?
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Retained earnings - expense account
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