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What effect does a business borrowing from the bank

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Reference no: EM132654724

Problem 1: What effect does a business borrowing $7000 from the bank have on the accounting equation?

a) An increase in the asset cash of $7000 and a decrease in the liability bank loan of $7000.

b) A decrease in the asset cash of $7000 and a decrease in the liability bank loan of $7000.

c) An increase in the asset cash of $7000 and an increase in the liability bank loan of $7000

d) A decrease in the asset cash of $7000 and an increase in the liability bank loan of $7000.

Reference no: EM132654724

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