A Business Paid $7,000 to a Creditor in Payment of an Amount

question 93

Multiple Choice

A business paid $7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to

• A) increase one asset, decrease another asset
• B) decrease an asset, decrease a liability
• C) increase an asset, increase a liability
• D) increase an asset, increase stockholders' equity

Apply the concept of variation in modeling real-world scenarios.

Use graph interpretation skills to solve equations.

Understand the relationship between a function and its reciprocal.

Understand the components and purposes of different types of business plans (operational, strategic, budgeting, and forecasting).

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Definitions:

Age of Birds

A term denoting the evolutionary period during which modern birds first emerged, often in the context of the Mesozoic era.

Age of Flowering Plants

A reference to the Cretaceous period, when flowering plants (angiosperms) rapidly diversified and became dominant on Earth.

Molecular Reproduction

The process by which molecules create copies of themselves, fundamental to biological replication and cell division.

Electronegativity

A measure of an atom’s attraction for electrons.