If you borrow to buy a new car, which of the following items on the balance...

If you borrow to buy a new car, which of the following items on the balance sheet will be affected?

unable to determine

debts only

assets and debts

assets only

Expert Solution

The balance sheet item that will be affected if you borrow to buy a new car will be debts only as if you borrow it is a liability and entered as a liability on balance sheet.

jeff jeffy answered 3 years ago

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If you borrow to buy a new car, which of the following items on the balance...

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