If $9,600 Cash and a $31,000 Note Payable Are Given

question 130

Multiple Choice

If $9,600 cash and a $31,000 note payable are given in exchange for some office machines to be used in a business:

• A)Total assets are increased.
• B)Total liabilities are decreased.
• C)Total assets are decreased.
• D)The owners' equity is increased.

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Definitions:

Number

A mathematical object used to count, measure, and label; the basic component of mathematics.

Family

A social unit consisting of parents and their children, and sometimes extended relatives, characterized by shared living arrangements and bonds.

Strangers

Individuals who are not known personally or are unfamiliar.

Ingratiation

A psychological technique aimed at making oneself more likable to others through flattery, favors, or compliance to their wishes.