How were each of the following affected when this event was recorded in the firm’s accounting…

 
   

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Expresso Delivery Service purchased a new delivery truck for $21,000 by making a $4,000 cash payment and giving a $17,000 note payable to the seller. How were each of the following affected when this event was recorded in the firm’s accounting information system?

Assets

Liabilities

a. Increased

Increased

b. No change

Increased

c. Increased

Decreased

d. Decreased

Increased