ACC 221
Miami University Of Ohio
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ACC 221 Final Exam, Miami University questions with correct answers
- Exam (elaborations) • 22 pages • 2023
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Accounting Equation Answer Assets = Liabilities + Equity 
 
Asset Accounts Answer Debits-Increase, Credits-Decrease 
 
Liability Accounts Answer Debits-Decrease, Credits-Increase 
 
Equity Accounts Answer Debits-Decrease, Credits-Increase 
 
Trial balance Answer Used by accountants to prove that the accounting system is in balance, that total debits=total credits 
 
Balance Sheet Amounts Answer Total Assets, Total Liabilities, Total Equity, Total Liabilities and Equity 
 
General Ledger Answer C...
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Miami University Exam 2 - ACC 221 questions with correct answers
- Exam (elaborations) • 12 pages • 2023
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A service charge from the bank affects which side of the bank reconciliation? Answer Company 
 
A NSF Check from the bank affects which side of the bank reconciliation? Answer Company 
 
The company records a deposit for the sale of services for $63 as $36. $63 was correctly deposited in the bank, but the company recorded $36. What is the entry to the General Journal? Answer Debit - Cash $27 
Credit - Sales Revenue 
 
The company records a deposit for the sale of services for $18 as $81. $18 was...
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