A transaction caused a P10,000 decrease in total assets This could have been due to a/an a. payment of a loan c. cash investment made by the owner b. purchase of equipment on account d. purchase of equipment for cash

Allen Nature Trip, a travel agency, purchased equipment for P120,000, made a down payment of P50,000 and signed a note for the balance. This transaction will a. increase total assets by P120,000 b. increase total liabilities by P50,000 c. not affect owner's equity d. all of the above choices are correct