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Multiple Choice Question
Morris Lest, Inc. purchased machinery for cash. The effect of this transaction is to cause _O total liabilities to increase
O total assets to increase assets to remain the same
O total liabilities to decrease
O total stockholders’ equity to increase stockholders’ equity to decrease

Ask by Wheeler Salazar. in the United States
Jan 25,2025

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The total assets remain the same.

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Beyond the Answer

When Morris Lest, Inc. purchased machinery for $10,000 in cash, this transaction results in a company acquiring an asset (machinery) worth $10,000, while simultaneously decreasing another asset (cash) by the same amount. This means total assets remain unchanged.
The accounting equation (Assets = Liabilities + Stockholders’ Equity) holds true here, as there is no change in total assets, liabilities, or stockholders’ equity as a result of the transaction.
The correct answer is: assets to remain the same.

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