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vinay patel
on Nov 13, 2024

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Paid part of an amount owed to a creditor

A) Increase assets, increase liabilities
B) Increase liabilities, decrease owner's equity
C) Increase assets, increase owner's equity
D) No effect
E) Decrease assets, decrease liabilities
F) Decrease assets, decrease owner's equity

Amount Owed

The total money that is due to be paid to a lender or creditor by the borrower.

Accounting Equation

The fundamental principle of accounting that states assets are equal to the sum of liabilities and owner's equity.

Creditor

An individual or institution to whom money is owed by the debtor or the borrower.

  • Gain insight into how financial transactions influence the accounting equation.
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KP
kriti pareekNov 17, 2024
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