Nology Co. bills a client $65,000 for services provided and agrees to accept the following three items in full payment:
(1) $12,000 cash,
(2) Computer equipment worth $90,000, and
(3) To assume responsibility for a $37,000 note payable related to the computer equipment. The entry Nology makes to record this transaction includes which one or more of the following?
a. $37,000 increase in a liability account
b. $12,000 increase in the Cash account
c. $12,000 increase in a revenue account
d. $65,000 increase in an asset account
e. $65,000 increase in a revenue account
f. $37,000 increase in an equity account