Answered: Susan Mitchell Law Firm purchases… | bartleby

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 2BCRQ

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Question

Susan Mitchell Law Firm purchases $1,000 worth of office equipment on
account. This causes:
A. Cash and Mitchell, Capital to decrease by $1,000
B. Office Equipment and Accounts Payable to increase by $1,000
C. Office Equipment to decrease and Accounts Payable to increase by
$1,000
D. Accounts Payable to increase and Mitchell, Capital to decrease by
$1,000

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