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Indicate the Account(s) to Be Debited and Credited to Record

question 21

Multiple Choice

Indicate the account(s) to be debited and credited to record the following transactions.
-John partner invested cash in the business.
Debit ________ Credit ________


Definitions:

Credit Balance

Refers to the amount on the right side of a company's ledger account, indicating that liabilities, equity, or revenue have increased or that assets or expenses have decreased.

Accounts Listed

Refers to the organized list of all accounts used in a company's accounting system, which can include assets, liabilities, equity, revenues, and expenses.

Sales Returns

Goods returned by the buyer to the seller, leading to a reduction in the seller's revenue.

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