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c) decreased $60,000. d) decreased $20,000. 5) Purchasing inventory on account will have the following effects on the components of the basic accounting equation: a) increase assets and decrease owner's equity. b) increase assets and increase owner's equity. c) increase assets and increase liabilities. d) increase liabilities and increase owner's equity. 6) As of December 31, 20X3, K Company has assets of $5,300 and owner's equity of $3,000. What are the liabilities for K Company as of December 31, 20X3?

          c) decreased $60,000.
d) decreased $20,000.

5) Purchasing inventory on account will have the following effects on the components of the basic accounting equation:
a) increase assets and decrease owner's equity.
b) increase assets and increase owner's equity.
c) increase assets and increase liabilities.
d) increase liabilities and increase owner's equity.

6) As of December 31, 20X3, K Company has assets of $5,300 and owner's equity of $3,000. What are the liabilities for K Company as of December 31, 20X3?

c) decreased 60,000.
d) decreased20,000.

5) Purchasing inventory on account will have the following effects on the components of the basic accounting equation:
a) increase assets and decrease owner's equity.
b) increase assets and increase owner's equity.
c) increase assets and increase liabilities.
d) increase liabilities and increase owner's equity.

6) As of December 31, 20X3, K Company has assets of 5,300 and owner's equity of3,000. What are the liabilities for K Company as of December 31, 20X3?

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