Which of the following is an asset source transaction?
A) Purchased machine by issuing a note payable
B) Paid a cash dividend to stockholders
C) Purchased equipment for cash
D) Collected cash from an account receivable

Question

Quizplus · Accepted Answer

Purchased machine by issuing a note payable is an asset source transaction because it increases the company's assets (the machine) and liabilities (the note payable).

Which of the Following Is an Asset Source Transaction