Maintaining financial records [AF-REC]
A business buys a machine on credit from a supplier for £9,000. What is the effect on the accounting equation?
Assets decrease by £9,000 and liabilities decrease by £9,000
Assets increase by £9,000 and liabilities increase by £9,000
Assets increase by £9,000 and equity increases by £9,000
Assets are unchanged because one asset replaces another
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