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5. Gordon Company was recently formed with a $5,000 investment in the company by shareholders. The company then borrowed $2,000 from a bank, purchased

5. Gordon Company was recently formed with a $5,000 investment in the company by shareholders. The company then borrowed $2,000 from a bank, purchased $1,000 of supplies on account, and also purchased $5,000 of equipment by paying $2,000 in cash and signing a note for the balance. Based on these transactions, the company's total assets are A. $7,000. B. $9,000. C. S11,000. D. $12,000.

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