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Question 1: Which of the following statements best describe key principles of double-entry bookkeeping? Select all that apply.
Option 1: There are always two entries for every transaction.
Option 2: It is a record keeping system under which every transaction must be recorded in two accounts.
Option 3: Each transaction must have a credit entry and a debit entry.
Option 4: None of the above
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The company's balance sheets and income statement follow.
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