A business pays off a note payable. What effect does this have on the accounting equation? A. Assets increase, Liabilities remain the same, and Stockholders' Equity increases. B. Assets increase, Liabilities decrease, and Stockholders' Equity remains the same. C. Assets decrease, Liabilities remain the same, and Stockholders' Equity increases. D. Assets decrease, Liabilities decrease, and Stockholders' Equity remains the same

A business pays off a note payable. What effect does this have on the accounting equation? A. Assets increase, Liabilities remain the same, and Stockholders' Equity increases. B. Assets increase, Liabilities decrease, and Stockholders' Equity remains the same. C. Assets decrease, Liabilities remain the same, and Stockholders' Equity increases. D. Assets decrease, Liabilities decrease, and Stockholders' Equity remains the same

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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