State which one of the following transactions will result in a $85,000 increase in both assets and liabilities? a. Receipt from accounts receivables b. Payment to accounts payables c. Purchase of land of $50,000. Payment of $15,000 was made in cash as a down payment and balance was signed through a note payable. d. Purchase of used office supplies on account worth $35,000.

State which one of the following transactions will result in a $85,000 increase in both assets and liabilities? a. Receipt from accounts receivables b. Payment to accounts payables c. Purchase of land of $50,000. Payment of $15,000 was made in cash as a down payment and balance was signed through a note payable. d. Purchase of used office supplies on account worth $35,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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