Venus Ltd paid $10,000 for an account payable.How does this transaction affect the accounting equation of Venus?
A) assets decrease by $10,000 and liabilities decrease by $10,000
B) assets increase by $10,000 and liabilities increase by $10,000
C) assets increase by $10,000 and equity decreases by $10,000
D) assets decrease by $10,000 and equity increases by $10,000
Correct Answer:
Verified
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
Q39: A $5 000 account payable is paid
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
Q190: The relative proportion of economic resources and
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