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1- Which of the following scenarios could explain the journal entry below? dr Cash 4,000 dr Notes Receivable 6,000 cr Equipment 10,000 2-On January 1,

1- Which of the following scenarios could explain the journal entry below?

dr Cash 4,000
dr Notes Receivable 6,000
cr Equipment 10,000

2-On January 1, 2018, Yukon Inc., had assets of $156,000 and shareholders's equity of $88, 000. During the year assets increased by $35,000 and shareholders's equity decreased by $27, 500. What were the liabilities on December 31, 2018?

  • $7,500.

  • $68,000.

  • $130,500.

  • $251,500.

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