If a company paid off a loan, the accounting equation would show a(n)
A) Increase in assets and decrease in liabilities
B) Decrease in assets and decrease in liabilities
C) Increase in liabilities and decrease in assets
D) Increase in assets and increase in liabilities
Correct Answer:
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Q13: Owners' equity accounts are decreased with
A) Debit
Q14: The basic accounting equation
A) Is out of
Q15: Which of the following types of entries
Q16: An entry to the left side of
Q17: The purchase of supplies on account
A) Increases
Q19: If a company purchased equipment for cash,
Q20: Borrowing money from a bank
A) Increases assets
Q21: Which of the following accounts is decreased
Q22: When accounts receivable are collected,
A) Total assets
Q23: When a note payable is given to
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