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B N 6 10 A business paid $ 9,000 to a creditor in payment of...

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Accounting

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B N 6 10 A business paid $ 9,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to: a Increase one asset decrease another asset b. Increase an asset. Increase another asset c. Decrease an asset decrease a liability d. Increase an asset increase owner's equity 11. I total assets decreased by $ 47,000 during a period and owner's 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 a $ 23,000 increase b. $ 47,000 decrease $ 71.000 decrease d $ 71,000 increase Ex 14 P41 LOG Business Transactions and the Accounting Equation What is a business transaction- 12. Which of the following is not a business transaction? a Make a sales offer b. Sell goods for cash c. Receive cash for services to be rendered later d Pay for supplies 13. If total liabilities increased by $30,000 during a period and owner's equity increased by $5,000 during the same period, the amount and direction (increase or decrease) of the period's change in total assets is a $35,000 increase b. $20,000 decrease C $25,000 increase d. $25,000 decrease

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