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E. None of the above 7. Received $400 bill for utilities due in two weeks A. Liabilities Increase; Equity Decreases B. Assets
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Answer #1

7.

Utilities expense is not paid and is payable. Payable increase liabilities and utilities expense reduces equity.

Option A.

8.

Wages paid reduced cash and increase expense. Cash reduces assets and expense reduces equity.

Option D.

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