The effect of payment made to creditors of the business would be a. Increase an asset and increase a liability O b. Decrease an asset and decrease owners equity Oc. Increase an asset and decrease other asset O d. Decrease an asset and decrease liability

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 4E: Describe a business transaction that will do the following: a. Increase an asset and increase a...
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The effect of payment made to creditors of the business would be
O a. Increase an asset and increase a liability
O b. Decrease an asset and decrease owners equity
O c. Increase an asset and decrease other asset
O d. Decrease an asset and decrease liability
Transcribed Image Text:The effect of payment made to creditors of the business would be O a. Increase an asset and increase a liability O b. Decrease an asset and decrease owners equity O c. Increase an asset and decrease other asset O d. Decrease an asset and decrease liability
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