Statement regarding transactions

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Reference no: EM13142901

According to double-entry accounting, which of the following is a correct statement regarding transactions?

a) Each transaction must increase an asset and a liability.

b) Purchasing supplies on account is shown by an increase on the left side of the T- account called Accounts Payable.

c) Any time a company increases its revenue, the owner's equity is also increased.

d) Entering an amount on the left side of a T-account increases the balance in that account.

Reference no: EM13142901

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