1. An increase in revenue is on the credit side hence a decrease in expense is also on the credit side. 2. A balanced trial balance means that the recording is free from errors. 3. A simple entry has only one debit and credit while a compound entry has two or more debits and credits. 4. Tangible assets have values but intangible assets have no values. OD 1 3

1. An increase in revenue is on the credit side hence a decrease in expense is also on the credit side. 2. A balanced trial balance means that the recording is free from errors. 3. A simple entry has only one debit and credit while a compound entry has two or more debits and credits. 4. Tangible assets have values but intangible assets have no values. OD 1 3

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 26MC: What is the impact on the accounting equation when an accounts receivable is collected? A. both...

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