Multiple Choice
A transaction completed by Norton Company caused a $4,000 increase in both the total assets and the total liabilities. This transaction could have been
A) purchase of office equipment for $12,000, paying $8,000 cash, with the rest on account.
B) investment by the owner of an additional $4,000.
C) purchase of office equipment, paying $4,000 cash, and $8,000 on account.
D) None of these answers are correct.
Correct Answer:
Verified
Correct Answer:
Verified
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