Question
Time Left:0:49:51 Wealth Bramor: Attempt 1 Question 4 (2 points) What is the effect of the following transaction on the basic accounting equation? Paid
Time Left:0:49:51 Wealth Bramor: Attempt 1 Question 4 (2 points) What is the effect of the following transaction on the basic accounting equation? Paid off your loan of $10,000 using cash. 1) No entry, no effect. 2) Assets decrease, liabilities decrease. 3) Assets increase, owners' equity increases. 4) Assets decrease, owners' equity decreases. 5) Assets increase, liabilities increase. 6) Liabilities decrease, owners' equity increases. 7) Liabilities increase, owners' equity decreases. 8) Assets increase, assets decrease. 80 Next Page MacBook Air Page 4 of 36 000 11 000 $4 F6 F7 FA 19 FIO
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
978-1259722653
