The purchase of store equipment for cash reduces assets and owner's equity by an equal amount.
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Q16: Even though a partnership is not a
Q17: Financial statements are the major means of
Q18: Transactions that can be measured in dollars
Q19: Accounting information is used only by external
Q20: Accountants rely on a fundamental business concept-ethical
Q22: Owners' claims to total business assets take
Q23: The basic accounting equation is in balance
Q24: In the owner's equity statement revenues are
Q25: The monetary unit assumption requires that all
Q26: At the time an asset is acquired
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