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Skysong, Inc. purchased equipment for $46400, paying cash of $6700 and signing a note payable for the balance due. This transaction increases assets, liabilities and

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Skysong, Inc. purchased equipment for $46400, paying cash of $6700 and signing a note payable for the balance due. This transaction increases assets, liabilities and stockholder's equity. O increases assets and liabilities; decreases stockholders' equity. O increases assets and liabilities. O has no effect on the basic accounting equation

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