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Question(s) / Instruction(s):

Zion Company has assets of $571,000, liabilities of $203,000, and equity of $368,000. It buys office equipment on credit for $77,000. What would be the effects of this transaction on the accounting equation?

a)            Assets increase by $77,000 and expenses increase by $77,000.

b)            Liabilities increase by $77,000 and expenses decrease by $77,000.

c)            Assets increase by $77,000 and liabilities increase by $77,000.

d)            Assets decrease by $77,000 and expenses decrease by $77,000.

e)            Assets increase by $77,000 and expenses decrease by $77,000.

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