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On November 1, 2015, ABC Corp. borrowed $100,000 cash on a 1year note payable with a 6% annual rate that requires ABC to pay all
On November 1, 2015, ABC Corp. borrowed $100,000 cash on a 1year note payable with a 6% annual rate that requires ABC to pay all the interest as well as the principal on October 31, 2016. Assuming the November 1 transaction was properly recorded, how would the December 31, 2015, year-end adjusting entry affect the accounting equation?
O abilities decrease and stockholders' equity increases O Both assets and stockholders' equity increase O abilities increase and stockholders' equity decreases O abilities increase and stockholders' equity increases
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