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Accounting & Finance
 Online Tutoring : Forum : Quiz Questions - Economics & Business Studies : Accounting & Finance
Topic Topic: A transaction that increased both total assets and total liabilities Post ReplyNew Question
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Joined: 26 June 2005
Posts: 918
Posted: 20 November 2005 at 3:02pm | IP Logged Quote System

Jennifer has completed a transaction that caused both her total assets and her total liabilities to increase by $7,000. This transaction could have been which of the following?
    A.   The purchase of a truck, paying $4,000 cash and issuing a note payable for $7,000.
    B.   The purchase of a drill press, paying $2,000 cash and issuing a $5,000 note payable.
    C.   The purchase of a $7,000 truck on credit.
    D.   Any of the above.
 QUIZ QUESTION #1647 created by Tutor11700 on 03 November 2005 at 10:08am

Correct answer: C    Correct clicks: 66.67%  Wrong clicks: 33.33%
    A.   [5 clicks 7.25%] 
    B.   [10 clicks 14.49%] 
    C.   [46 clicks 66.67%] 
    D.   [8 clicks 11.59%] 
Please discuss this quiz question.
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