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The owner of a business paid cash from his personal checking account to purchase an automobile for his personal use. This transaction _____________.

a) increased a liability account and increased liabilities.

b) decreased cash and increased expenses.

c) increased assets and increased owners' equity.

d) is not a transaction recognized by the business.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9442873

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