Subject. General Account If total assets decreased by $29,000 during a periodof time and owner's equity increased by $23,000during the same period, then the amount anddirection (increase or decrease) of the period'schange in total liabilities is

Step 1: Definition of Double-Entry AccountingThe double-entry accounting system ensures that for…

Answered: If total assets decreased by $29,000…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 10CDQ

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If total assets decreased by $29,000 during a period of time and owner's equity increased by $23,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is