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Answer

Rules of Debits and Credits

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Question 4: Proficient: Are the following possibilities conceivable in an entry involving only one debit and one credit? Please explain your response for each item. Provide five or six correct responses: Increase a liability and increase an expense. Increase an asset and decrease a liability. Increase revenue and decrease an expense. Decrease an asset and increase another asset. Decrease an asset and increase a liability. Decrease revenue and decrease an asset. Decrease a liability and increase revenue.