Balance after the recording of each transaction

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Reference no: EM131356766

1. The accounting equation does not have to be in balance after the recording of each transaction.

True

False

2. Reporting revenues on the income statement that were previously reported as unearned revenues on the balance sheet results in a decrease in liabilities and an increase in net income, retained earnings, and stockholders' equity.

True

False

Reference no: EM131356766

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