For the following questions, circle the best response.
If equipment is acquired by paying $12,000 in cash and issuing a $7,000 note payable,
a. total assets are decreased by $12,000.
b. total assets are increased by $19,000.
c. total assets are increased by $7,000.
d. total owners’ equity is decreased by $12,000.
e. total owners’ equity is decreased by $7,000.
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