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Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Borrow $55,000 from a bank 2. Buy $14,000

Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Borrow $55,000 from a bank 2. Buy $14,000 worth of manufacturing supplies on credit 3. Pay $7,000 owed to a supplier 4. Receive payment of $12,000 owed by a customer What is the net change in Total Assets?

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