If Mr. Ajasin paid his creditors N5000 out of N20,000 owe...
If Mr. Ajasin paid his creditors N5000 out of N20,000 owed, what would be the effect of this transaction on the accounting equation?
A decraese in the total asssets by N5000
An increase in the total liabilities and owners' equity by by N15,000
An increase in the total assets by N15,000
A decrease in owners' equity by N5000
Correct answer is A
No explanation has been provided for this answer.
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