Question

Excel Corporation's financial statements for last month show a $10,000 decrease in cash, a $7,000 increase in notes payable, and a $17,000 increase in equipment, all of which occurred on the same date. Taken collectively, what do these three entries suggest?

Answer 1

Purchase of fixed assets

Step-by-step explanation:

Equipment 17000 Equipmnet Purchase

Cash 7000 Pay with Cash

Payable notes 17000 Promise of pay