Practice More Quizzes:
Greenwald’s Groceries took a loan for $20,000 to cover a new deli slicer. The effect of this transaction on the accounting equation will be:
Using the accounting equation, if assets and liabilities both decrease by $4,000, what is the effect on owner’s equity?
Using the accounting equation, if owner equity increases by $10,000 and liabilities decrease by $20,000, what do assets change by?
Using the accounting equation, if liabilities increase by $6,000 and equity reduces by $10,000, what is the change in assets?
If All Pumped Up Bounce House Rentals total liabilities decreased by $75,000, and the owner’s equity increased by $15,000 over a certain period of time. The total assets must change by what amount and direction during the same period?
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