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:

Social Impressions

The process by which individuals form an opinion or judgment about others within a social context.

Actor-Observer Effect

A psychological bias where individuals attribute their own actions to situational factors while attributing others’ actions to their personalities.

Tape Recorders

Electronic devices used for recording and playback of sound on magnetic tape.

Implicit Association Test

A psychological test designed to detect the strength of a person's subconscious association between mental concepts (e.g., black or white with good or bad).