If a business issues a check for $100 to purchase office supplies, What is the effect on the accounting equation?
A) Owner's Equity will decrease
B) Assets will decrease
C) Owner's Equity will increase
D) Total Assets will remain the same
Correct Answer:
Verified
Q28: When equipment is purchased on credit,
A)assets increase
Q29: If a business receives $5,000 on account
Q30: The income statement shows:
A)revenue and owner's equity.
B)the
Q31: Amounts that a business must pay in
Q32: If during the year total assets increase
Q34: When the owner invests equipment in a
Q35: The Income Statement shows:
A)the financial position of
Q36: The owner's investment or equity in a
Q37: The balance sheet shows:
A)all revenues and expenses.
B)the
Q38: Which financial statement is reported as of
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