Total Liabilities Increase By 7 000 How Is The Accounting Equation Affected

Total Liabilities increase by $7,000. How is the accounting equation affected? answer A, B, C or D.a) Assets must have increased by $7,000 or owner’s equity must have decreased by $7,000b) Assets must have decreased by $7,000c) Assets and owner’s equity must have each decreased by $3,500d) Owner’s equity must have increased by $7,000

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