Bruce Manufacturing purchased equipment for $16,000, paying $9,000 cash and executing a $7,000 note payable. The entry

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Bruce Manufacturing purchased equipment for $16,000, paying $9,000 cash and executing a $7,000 note payable. The entry for this transaction would result in a * 1 point net increase in total assets of $16,000. net increase in total assets of $7,000. net decrease in total assets of $9,000. net increase in total liabilities of $16,000. NONE of these options

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Bruce Manufacturing purchased equipment for $16,000, paying $9,000 cash and executing a $7,000 note payable. The entry

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