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If total assets decreased by $47,000 during a period of time and stockholders' equity increased by $24,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is
1. $71,000 increase
2. $71,000 decrease
3. $23,000 increase
4. $47,000 decrease
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6. Chapter 2鈥擜nalyzing Transactions Question MC #90
(Points: 2)
June26Equipment
14,000
Cash
4,000
Note Payable
10,000
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Which is the best explanation for this journal entry?
1. Purchased equipment on credit.
2. Purchased equipment, paid cash of $4,000, with the remainder to be paid in payments
3. Purchased equipment, paid cash of $4,000, with the remainder to be received in the future.
4. Purchased equipment, paid cash for the entire amount
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7. Chapter 2鈥擜nalyzing Transactions Question MC #59
(Points: 2)
XYZ Hospital purchased X-ray equipment for $3,000, paid $750 down, with the remainder to be paid later. The correct entry would be
1. Cash 750
Accounts Payable 2,250
Equipment 3,000
2. Equipment 3,000
Accounts Payable 2,250
Cash 750
3. Equipment 750
Cash 750
4. Equipment Expense 3,000
Accounts Payable 750
Cash 2,250
5. Cash 750
Equipment 750
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