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Find what a credit to a liability account

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Reference no: EM132754230

Problem 1: A credit to a liability account

a) indicates an increase in the amount owed to creditors

b) indicates a decrease in the amount owed to creditors

c) is an error

d) must be accompanied by a debit to an asset account

e) Other:

Problem 2: If services are rendered on credit, then

a) assets will decrease

b) liabilities will increase

c) owner's equity will increase

d) liabilities will decrease

e) Other:

Reference no: EM132754230

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