Gomez Service Company Paid Its First Installment on a Note

question 77

Multiple Choice

Gomez Service Company paid its first installment on a note payable for an amount of $2,000. How will this transaction affect the accounting equation?

• A) Increase Liabilities (Notes Payable) and decrease Assets (Cash)
• B) Decrease Assets (Cash) and decrease Stockholders' Equity (Note Payable Expense)
• C) Decrease Assets (Cash) and decrease Assets (Notes Receivable)
• D) Decrease Assets (Cash) and decrease Liabilities (Notes Payable)

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Definitions:

Hormone-disrupting Chemicals

Substances that interfere with the endocrine system, potentially causing developmental, reproductive, neurological, and immune issues in both humans and wildlife.

Reproductive Process

The biological mechanisms through which organisms produce offspring, encompassing various strategies across species from sexual to asexual reproduction.

Vitamin D

A fat-soluble vitamin essential for bone health and immune function, produced by the human body when exposed to sunlight and also found in certain foods.

Skin Color

A phenotypic trait that is primarily determined by genetic inheritance and exposure to the sun, varying widely among individuals and populations.