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unit 2 review - 1 How does the collection of cash from a...

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1. How does the collection of cash from a customer who was previously put on account affect the accounting equation? (Points: 2) assets decrease; owner's equity decreases assets increase; owner's equity increases assets increase; assets decrease assets increase; liabilities increase 2. If total assets decreased by $88,000 during a period of time and owner's equity increased by $65,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is (Points: 2) $23,000 increase $88,000 decrease $153,000 increase $153,000 decrease 3. How does the purchase of equipment by signing a note affect the accounting equation? (Points: 2) assets increase; assets decrease assets increase; liabilities decrease assets increase; liabilities increase assets increase; owner's equity increases 4. Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for their customers. How will this business transaction affect the accounting equation?
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