Multiple Choice
Billington Corp. borrows $80,000 cash from Second National Bank. How does this transaction affect the accounting equation for Billington?
A) Assets would increase $80,000 and equity would decrease $80,000.
B) Assets would decrease $80,000 and equity would increase $80,000.
C) Assets would decrease $80,000 and liabilities would decrease $80,000.
D) Liabilities would decrease $80,000 and equity would increase $80,000.
E) Assets would increase $80,000 and liabilities would increase $80,000.
Correct Answer:
Verified
Correct Answer:
Verified
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