How does paying a liability in cash affect the accounting equation?
A) assets increase; liabilities decrease
B) assets increase; liabilities increase
C) assets decrease; liabilities decrease
D) liabilities decrease; owner's equity increases
Correct Answer:
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Q104: How does receiving a bill to be
Q105: Liabilities are reported on the
A) income statement
B)
Q106: Which of the following financial statements reports
Q107: Cash investments made by the owner to
Q108: The financial statement that presents a summary
Q110: The year-end balance of the owner's capital
Q111: Which of the following asset accounts is
Q112: Abbie Marson is the sole owner and
Q113: Transactions affecting owner's equity include
A) owner's investments
Q114: Which of the following is a business
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