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laila [671]
2 years ago
6

Equipment is a(n)_________ (asset/liability/expense) account. It is reported on the___________ (left/right) side of the accounti

ng equation and is__________ (increased/decreased) when equipment is purchased.
Business
1 answer:
Neko [114]2 years ago
3 0

Answer: Asset: Left; Increased

Explanation:

<em>Equipment is an </em><u><em>asset </em></u><em>account. It is reported on the </em><em>l</em><u><em>eft</em></u><em> side of the accounting equation and is </em><em>i</em><u><em>ncreased</em></u><em> when equipment is purchased.</em>

Equipment is a fixed asset because it lasts more than a year in the service of a company. As an asset, it will be reported on the left side of the accounting equation which means that when it increases it is to be debited.

It increases when more equipment is acquired.

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The elasticity of supply for hot cocoa is 1.43.

(D) Supply in the market for coffee is less elastic than supply in the market for hot cocoa

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