Q:

The accounting equation for Goodboys Enterprises is as follows:

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The accounting equation for Goodboys Enterprises is as follows:

 Assets        Liabilities        Owner’s Equity

$120,000 = $60,000 + $60,000

If Goodboys purchases office equipment on account for $12,000, the accounting equation will change to

Assets          Liabilties    Owner’s Equity


  1. $120,000 = $60,000 + $60,000
  2. $132,000 = $60,000 + $72,000
  3. $132,000 = $66,000 + $66,000
  4. $132,000 = $72,000 + $60,000

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d. $132,000 = $72,000 + $60,000 

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