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Excel Corporation's financial statements for last month show a $10,000 decrease in cash, a $7,000 increase in notes payable, and a $17,000 increase in equipment, all of which occurred on the same date.
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Excel Corporation's financial statements for last month show a $10,000 decrease in cash, a $7,000 increase in notes payable, and a $17,000 increase in equipment, all of which occurred on the same date. Taken collectively, what do these three entries suggest?

User Joe Masilotti
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Answer:

Purchase of fixed assets

Step-by-step explanation:

Equipment 17000 Equipmnet Purchase

Cash 7000 Pay with Cash

Payable notes 17000 Promise of pay

User Prasanth Madhavan
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