Multiple Choice
If a company paid off a loan, the accounting equation would show a(n)
A) Increase in assets and decrease in liabilities
B) Decrease in assets and decrease in liabilities
C) Increase in liabilities and decrease in assets
D) Increase in assets and increase in liabilities
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Assuming that capital stock increased $5,000, net
Q3: The basic accounting equation<br>A) Is out of
Q4: During March, Randolph Corporation completed the following
Q5: Expense accounts<br>A) Are increased with credit entries<br>B)
Q6: Owners' equity accounts are decreased with<br>A) Debit
Q7: Give the effect the following transactions would
Q8: Record the following transactions in journal entry
Q9: On January 25, Blayne Corporation bought
Q10: On July 24, Barkdull Inc. purchased
Q11: A trial balance shows that<br>A) No transactions