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Previous Page Next Page Page 4 Question 4 (3.35 points) On January 1st 2020 a business purchases equipment by paying $5,000 in cash an issuing a note payable of $20,000. Which of the following occurs on January 1st 2020? Assets increase by $25,000 Notes Payable Increases by $25,000 Cash decreases by $20,000 Cash decreases by $25,000 Previous Page Next Page Page 4 of
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