Current Attempt in Progress

Concord Company purchases $$1370$ of equipment from Flounder Inc. for cash. The effect on the components of the basic accounting

equation of Concord Company is

no change in total assets.

a decrease in assets and liabilities.

an increase in assets and liabilities.

an increase in assets and a decrease in liabilities.

Attempts: $0$ of $1$ usedL

Current Attempt in Progress

Which of the following correctly identifies normal balances of accounts?

Assets

Liabilities

Stockholders' Equity

Revenues

Expenses

Assets

Liabilities

Stockholders' Equity

Revenues

Expenses

Assets

Liabilities

Debit

Credit

Credit

Debit

Credit

Debit

Credit

Credit

Credit

Credit