Question
Kai Co paid $18,000 of accounts payable owed to Coat Co by giving cash of 4,500 and issuing a note payable for the balance. The
Kai Co paid $18,000 of accounts payable owed to Coat Co by giving cash of 4,500 and issuing a note payable for the balance. The journal entry by Coat Co to record transaction would
a. not change total assets, liabilities, or owners' equity
b. increase owners equity
c. decrease liabilities
d. increase assets
, how are asstes and liabilites not affected?
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Financial Accounting with IFRS Fold Out Primer
Authors: John Wild
5th edition
978-0077408770, 77408772, 978-0077413804
