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Suppose equipment is sold for cash in an amount equal to the cost of the equipment recorded on the books. How does this sale affect the accounting equation in term of increasing or decreasing assets, liabilities or owner’s equity?

Suppose equipment is sold for cash in an amount equal to the cost of the equipment recorded on the books. How does this sale affect the accounting equation in term of increasing or decreasing assets, liabilities or owner’s equity?

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 5DQ: What is the effect on the fundamental accounting equation if supplies are purchased on account? How...
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Suppose equipment is sold for cash in an amount equal to the cost of the
equipment recorded on the books. How does this sale affect the accounting
equation in term of increasing or decreasing assets, liabilities or owner’s equity?

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