Describe the correct answer and defend why it was correct. For instance, the transaction would have increased accounts payable because it increased something the company owed. The accounts payable account is credited because liabilities are increased with a credit entry. For calculation problems enter the calculation leading up to the solution. For more essay type problems refer back to the sources as to why it is correct. 37. Which of the following would result when a company purchases office equipment by signing a 2 year note payable? Selected Answer: A. A long-term asset is recorded categorized as a financing activity. Answers: A. A long-term B. is recorded categorized as a operating activity. A current asset is recorded categorized as an investing activity. D. A long-term asset is recorded categorized as an investing activity