Miles Motor Supplies Had the Following Transactions During December

question 64

Multiple Choice

Miles Motor Supplies had the following transactions during December: As a result of these transactions, at year-end, liabilities and owners' equity would show a total

• A) Decrease by $4,575
• B) Decrease by $4,200
• C) Decrease by $4,800
• D) Increase by $13,425

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Definitions:

Conclusion

The final part of something, such as an argument or text, summarizing the main points or deduced results.

Assumption

A thing that is accepted as true or as certain to happen, without proof.

Justification

A reason or argument that explains why a particular action, belief, or statement is reasonable or necessary.

Premise

A prior assertion or claim from which another conclusion is drawn or follows logically.