Indicate the best answer for each question in the space provided.
The account balances for Creative Band, Inc. as of May 31, 2009, are listed below in alphabetical order:
Accounts Payable | $12,000 | Equipment | $18,000 |
Accounts Receivable | $14,000 | Land | $52,000 |
Building | $42,000 | Notes Payable | $30,000 |
Cash | $8,000 | Capital Stock | $92,000 |
On June 3, Creative Band, Inc collected $4,000 of its accounts receivable and paid $7,000 of its accounts payable. In addition, $2,000 of additional shares of capital stock are issued for $5,600.
Refer to the above data. On June 6, the bookkeeper for Creative Band, Inc makes this entry:
Equipment | 7,400 |
Cash | 4,200.,L |
Accounts Payable | 3,200 |
This transaction:
a Decreases total assets .
b Involves the sale of equipment for $7,400.
c Increases total assets $7,400.
d Increases liabilities .
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