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The Tri-State Medical Equipment Corporation purchases a large new delivery truck and finances eighty percent...

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Question

Accounting

The Tri-State Medical Equipment Corporation purchases a large new delivery truck and finances eighty percent of the purchase. Entering this transaction on the books of the company should properly involve recording:

A.

An asset on the balance sheet
B.

A liability on the cash flow statement
C.

Both an asset and a liability on the balance sheet
D.

An entry to the reserve for depreciation on the income statement
E.

None of the above

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