Celery Company has assets of $150,000,$\mathrm{}\mathrm{}\mathrm{}$ liabilities of $$90,000,$ and equity of $$60,000.$ It buys supplies for cash $$5,000.$ What effect would this transaction have on the accounting equation? 

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Before I answer your question lets recap the basic accounting equation Assets Liabilities Equity Thi... View the full answer