If equipment costing $930 is bought by paying $300 as a down payment and the remaining $630 in 30 days, owner's equity is increased by $930.

Name: If equipment costing $930 is bought by paying $300 as a down payment and the remaining $630 in 30 days, owner's equity is increased by $930.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Purchasing equipment with a down payment and paying the remaining balance in 30 days would result in an increase in assets (the equipment) and a decrease in cash. It would not directly impact owner's equity.

If Equipment Costing $930 Is Bought by Paying $300 as a Down