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You are the bookkeeper for a small transportation service. Your company recently purchased a new vehicles to expand its fleet. The company took out a
You are the bookkeeper for a small transportation service. Your company recently purchased a new vehicles to expand its fleet. The company took out a $25,000 bank loan to acquire the vehicle. Which explains the effect of this $25,000 business loan on the Accounting Equation? a o Both Liabilities and Assets increase Equity increases, Liabilities decrease Both Assets and Equity increase Assets increase, Liabilities decrease
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