Which of the following transactions would increase one asset, decrease another asset, and increase a liability?
A)purchasing supplies and equipment on account
B)paying liabilities incurred last period
C)owner investment of cash and equipment into the business
D)purchasing land with a cash down payment and a note payable

Question

Quizplus · Accepted Answer

Purchasing land with a cash down payment and a note payable increases the asset (land), decreases another asset (cash), and increases a liability (note payable).

Which of the Following Transactions Would Increase One Asset, Decrease