A $5 000 account payable is paid by the business.How is the accounting equation affected?
A) Assets decrease $5 000;liabilities decrease $5 000.
B) Assets decrease $5 000;owners' equity increases $5 000.
C) Assets increase $5 000;owners' equity decreases $5 000.
D) Assets increase $5 000;liabilities increase $5 000.
Correct Answer:
Verified
Q34: Hamilton Lawn Service earned $1 000 for
Q35: The business receives cash from a customer
Q36: Owner's drawings are the expenses of a
Q37: A business performs services for its customers.Payment
Q38: Hamilton Lawn Service earned $1 000 for
Q40: Venus Ltd paid $10,000 for an account
Q41: The income statement presents a summary of
Q43: The balance sheet of a business represents
Q44: Which of the following financial statements reports
Q117: A business owner starts a new business
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents