Lancers4Life Company purchased a pitching machine that cost $53,000 by paying $23,000 cash and signing a note for the remainder. What is the financial impact of this transaction?
a. note payable decreases by $53,000
b. machine increases by $23,000
c. note payable increases by $30,000
d. cash will decrease by $53,000
e. machine increases by $30,000
Answer: c. note payable increases by $30,000
Business
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Fill in the blank(s) with the appropriate word(s).
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The brokerage firm must have copies of the settlement sheets, deeds, and loan documents in the closed file.
a. true b. false
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