Question
sparky co. borrowed money from the bank on january 1. ON december 31 of the same year sparky co repays the bank in full. how
sparky co. borrowed money from the bank on january 1. ON december 31 of the same year sparky co repays the bank in full. how does the transaction on december 31 affect the company's accounts?
a. Assets decreases, stockholders equity increase b.assets decrease; stockholders equity decrease
c. Assets decrease; liabilities decrease
d. assets increase; liabilities decrease
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Accounting A Smart Approach
Authors: Mary Carey, Jane Towers Clark, Cathy Knowles
1st Edition
0199587418, 978-0199587414
