Question: Using the double entry system and the accounting equation, determine what credits and debits apply in the following situation. A business owner buys a vehicle

Using the double entry system and the accounting equation, determine what credits and debits apply in the following situation. A business owner buys a vehicle on a

5 -

year payment plan.

Question

11

Select one:

.

Debit Assets, credit Liabilities

.

Credit Owner

s Equity, credit Assets

.

Debit Owner

s Equity, credit Assets

.

Credit Assets, credit Liabilities

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