ACCT 212 Final Exam_2019_DeVry University. Each Question has a well Laid out Answer & a similar Example and Answer of the same Scenario. {A } (ACCT 212)

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ACCT 212 Final Exam_2019_DeVry University. Each Question has a well Laid out Answer & a similar Example and Answer of the same Scenario. {A+}
  • ACCT 212 Final Exam_2019_DeVry University. Each Question has a well Laid out Answer & a similar Example and Answer of the same Scenario. {A+}

  • Exam (elaborations) • 15 pages • 2019
  • (TCO 2) In accounting it is necessary to understand which accounts have a debit balance and which accounts have a credit balance. (1) Name 2 accounts that have a normal debit balance (10 points). (2) Name 2 accounts that have a normal credit balance (10 points). (3) Give an example of a journal entry when a company purchases land for $5000 by paying cash using the debit/credit rules. (5 points) (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why thi...
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