Concord Company has assets of $607,000, liabilities of $248,000, and equity of $359,000. It buys office equipment on credit for $84,000. The effects of this
transaction include:
Multiple Choice
Assets increase by $84,000 and liabilities increase by $84,000.
Assets increase by $84,000 and expenses increase by $84,000.
Assets increase by $84,000 and expenses decrease by $84,000.
Liabilities increase by $84,000 and expenses decrease by $84,000.
Assets decrease by $84,000 and expenses decrease by $84,000.