Solved: The business paid 40 000 to accounts payable total assets, Accounting Basics

The business paid 40 000 to accounts payable total assets

Question - Shareholders invest $100 000 in a business. $80 000 worth of inventory was bought on credit, and of that, $10 000 worth of damaged inventory was returned. Equipment costing $200 000 was purchased, which was financed by a loan from the seller, repayable in 5 years. The business paid $40 000 to accounts payable. Total assets increased by? And what are the debt and credit for each transaction. Thanks.

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Accounting Basics: The business paid 40 000 to accounts payable total assets

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Accounting Basics: The business paid 40 000 to accounts payable total assets

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