If a Company Buys a $700 Machine on Account, This

question 106

Multiple Choice

If a company buys a $700 machine on account, this transaction will affect the

• A)income statement and retained earnings statement only.
• B)income statement only.
• C)income statement, retained earnings statement, and balance sheet.
• D)balance sheet only.

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Definitions:

Brand

A distinct symbol, name, design, or a combination of these, that identifies the products or services of a company and differentiates them from rivals.

Patent

A legal document granted by the government to an inventor, giving them the exclusive right to make, use, and sell an invention for a certain number of years.

Trademark

A recognizable sign, design, or expression which identifies products or services of a particular source from those of others, typically secured through legal registration.

Slogan

A Slogan is a short and striking or memorable phrase used in advertising and for representing a company or product.