A Transaction Caused a $60,000 Increase in Both Assets and Total

question 59

Multiple Choice

A transaction caused a $60,000 increase in both assets and total liabilities.This transaction could have been which of the following?

• A)Purchase for office equipment for $60,000 cash.
• B)Purchase of office equipment for $120,000,paying $60,000 cash and issuing a note payable for the balance.
• C)Repayment of a $60,000 bank loan.
• D)Investment of $60,000 cash in the business by the owner.

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Definitions:

Evolution

is the process by which different kinds of living organisms have developed and diversified from earlier forms during the history of the earth.

Ancient Species

A term usually referring to species that have existed on Earth for a very long time and may either be extinct or have modern descendants.

Laurasia

Laurasia refers to the northernmost of two supercontinents (the other being Gondwana) that formed part of the Pangaea supercontinent in late Paleozoic and early Mesozoic times.

Continental Structure

The geological configuration and constituents of continents, including the crust, mantle shelf areas, and tectonic activities.