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H3Ko H3Ko
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7 years ago
Accord Corporation purchased land for $100,000 by making a cash payment of $30,000 and promising to pay the remaining amount in a later accounting period. What is the net effect of this transaction on Accord's accounting equation?
A) assets and liabilities increase by $70,000
B) assets increase by $100,000 and liabilities decrease by $30,000
C) assets increase by $100,000 and liabilities decrease by $70,000
D) assets and equity increase by $70,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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H3Ko Author
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7 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
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