Kai Co paid $18,000 of accounts payable owed to Coat Co by giving cash of 4,500 and

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Kai Co paid $18,000 of accounts payable owed to Coat Co by giving cash of 4,500 and issuing a note payable for the balance. The journal entry by Coat Co to record transaction would

a. not change total assets, liabilities, or owners' equity

b. increase owners equity

c. decrease liabilities

d. increase assets

, how are asstes and liabilites not affected?

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Financial Accounting with IFRS Fold Out Primer

ISBN: 978-0077413804

5th edition

Authors: John Wild

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Posted Date: Feb 02, 2024 01:38 AM

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Kai Co paid $18,000 of accounts payable owed to Coat Co by giving cash of 4,500 and

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The detailed answer for the above question is provided below Answer the correct answer is c Decrease ... View the full answer

Financial Accounting with IFRS Fold Out Primer

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