For the following questions, circle the best response.
Which of the following transactions resulted in a $35,000 increase in assets and a $35,000 increase in liabilities?
a. Collected accounts receivable of $35,000.
b. Paid accounts payable of $35,000.
c. Purchased land for $50,000, paying $15,000 in cash as a down payment and signing a note payable for the balance.
d. Purchased on account, and used, $35,000 worth of office supplies during the period.
e. Reclassified a $35,000 account receivable as a note receivable when the customer failed to pay on time.
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