Question

TRUE/FALSE. statement i: the usual balance of inventories is on the debit side of the balance sheet, and this account increases by a debit transaction. statement ii: rent expenses have a usual balance on the debit side of the balance sheet and decreases by a credit transaction.

Answer 1

The assertion holds that statement I is accurate as well as statement ii is untrue.

What is a transaction example?

Here are some examples of transactions: repaying a supplier for products or services received. purchasing a property that was previously owned by a seller by paying the owner with cash as well as a note. paying a worker for the hours they put in.

What does a commercial transaction entail?

Every transaction is, at its core, a contract between a seller and a buyer. The buyer pays the seller cash in exchange for the provision of a good or service. A corporation is more able to generate operating cash flow, settle its debts, and make a profit the more transactions it does.

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