If equipment is acquired by paying $12,000 in cash and issuing a $7,000 note payable, a. total

Question:

If equipment is acquired by paying $12,000 in cash and issuing a $7,000 note payable,

a. total assets are decreased by $12,000.

b. total assets are increased by $19,000.

c. total assets are increased by $7,000.

d. total owners’ equity is decreased by $ 12,000.

e. total owners’ equity is decreased by $7,000.

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