Multiple Choice
A transaction caused a $60,000 increase in both total assets and total liabilities.This transaction could have been which of the following?
A) Purchase for office equipment for $60,000 cash.
B) Purchase of office equipment for $120,000,paying $60,000 cash and issuing a note payable for the balance.
C) Repayment of a $60,000 bank loan.
D) Investment of $60,000 cash in the business by the owner.
Correct Answer:
Verified
Correct Answer:
Verified
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