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Payments for advertising, equipment repairs, utilities, and rent are liabilities.
False
False
True
True
False
True
False
False
When items are bought and paid for at a future date, another way to state this is to say these items are bought on account.
False
False
True
True
False
True
False
False
After each transaction, the accounting equation must remain in balance.
False
False
True
True
False
True
False
False
A transaction for the sale of goods or services results in a decrease in owner’s equity
False
False
True
True
False
True
False
False
Payments for advertising, equipment repairs, utilities, and rent are liabilities.
False
False
True
True
False
True
False
False
Total assets are the amount the owner has invested in the business.
False
False
True
True
False
True
False
False
When two asset accounts are changed in a transaction, there must be an increase and a decrease
False
False
True
True
False
True
False
False
A withdrawal is an expense.
False
False
True
True
False
True
False
False
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