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Author Question: How does the purchase of equipment by signing a note affect the accounting equation? a. assets ... (Read 132 times)

SGallaher96

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on: Jul 6, 2018
How does the purchase of equipment by signing a note affect the accounting equation?
 a. assets increase; assets decrease
  b. assets increase; liabilities decrease
  c. assets increase; liabilities increase
  d. assets increase; owner's equity increases

Question 2

Assume that a governmental entity acquires a new garbage truck. The garbage truck costs 189,000 . The vendor allowed a 30,000 allowance with the trade-in of the entity's old garbage truck, which had a net book value of 42,000 .
 
  The government financed the balance with a short-term bank note. The new garbage truck would be recorded in the General Capital Assets account at
  A. 147,000.
  B. 159,000.
  C. 189,000.
  D. 201,000.


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epscape

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Reply #1 on: Jul 6, 2018
Answer to Question 1

c

Answer to Question 2

B


SGallaher96

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Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)

mcarey591

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Reply 3 on: Yesterday
:D TYSM

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