Double-entry bookkeeping 2: books of prime entry, accounting systems
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Since cash paid is a credit entry in the cash account, all the other corresponding double entries to record cash paid must be debits.
True
correct
incorrect
False
correct
incorrect
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Debit expenses, Credit cash is the correct double entry to record cash purchases of goods and services.
True
correct
incorrect
False
correct
incorrect
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Debit trade payables control account, Credit cash is the correct double entry to record the payment of cash to suppliers for goods and services provided on credit.
True
correct
incorrect
False
correct
incorrect
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Interest paid (finance expense) is credited to the interest paid account.
True
correct
incorrect
False
correct
incorrect
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