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Accounting Midterm Practice Flashcards | StudBud
Accounting Midterm Practice
1 / 30
An owner put $75,000 down on a $600,000 loan. What was recorded as liability & equity?
A
Liability = $600,000, Equity = $75,000
B
Liability = 0, Equity = $600,000
C
Liability = $600,000, Equity = 0
D
Liability = $525,000, Equity = $75,000
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