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When the Balance of an Asset Account, Like Checking, Increases

question 1

Multiple Choice

When the balance of an asset account, like Checking, increases, it means that the account has been:

Definitions:

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, showing the balance of income and expenditure over the preceding period.

Correcting Entry

A journal entry made in accounting records to amend a previously recorded error.

Salaries and Wages Expense

The total cost incurred by a business to compensate its employees for their labor during a period.

Salaries and Wages Payable

Represents liabilities for amounts owed to employees for work performed but not yet paid.