Multiple Choice
Total liabilities increase by $7,000.How is the accounting equation affected?
A) Either assets have increased by $7,000, or owner's equity has decreased by $7,000.
B) Assets have decreased by $7,000.
C) Assets and owner's equity have each decreased by $3,500.
D) Owner's equity has increased by $7,000.
Correct Answer:
Verified
Correct Answer:
Verified
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