An accountant has debited an asset account for $800 and credited a liability account for $700. Which of the following would be an incorrect way to complete the recording of the transaction?a.Credit an asset account for $100.b.Credit another liability account for $100.c.Credit a stockholders’ equity account for $100.d.Debit a stockholders’ equity account for $100.Which of the following statements is true?a.Debits increase assets and increase liabilities.b.Credits decrease assets and decrease liabilities.c.Credits decrease assets and increase liabilities.d.Debits increase liabilities and decrease assets.When a company performs a service but has not yet received payment, ita.debits Service Revenue and credits Accounts Receivable.b.debits Accounts Receivable and credits Service Revenue.c.debits Service Revenue and credits Accounts Payable.d.makes no entry until cash is received.At January 1, 2017, Troyer Industries reported Retained Earnings of $280,000. During 2017, Troyer had a net loss of $60,000and paid dividends to the stockholders of $40,000. At December 31, 2017, the balance in Retained Earnings isa.$280,000 debit.b.$240,000 credit.c.$220,000 debit.d.$180,000
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