Reference no: EM132493989
Question 1: A business purchased a motor vehicle for $40,000, paying $15,000 in cash and borrowing $25,000. The effect of this transaction on the accounting equation is:
Option 1: increase in the asset, Motor Vehicles; decrease in the asset, Bank; increase in the liability, Loan.
Option 2: increase in asset, Motor Vehicles; decrease in asset, Bank; and decrease in liability, Loan.
Option 3: increase in the asset, Motor Vehicles; increase in the asset, Bank; decrease in the liability, Loan.
Option 4: decrease in the asset, Motor Vehicles; increase in the asset, Bank; decrease in the liability, Loan.
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