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Question

Mr. Bhandari purchased a car for 50,000, making a down payment of 10,000 and signing a *40,000 bill payable due in 60 days. As a result of this transaction:

A Total assets increased by 50,000

B Total liabilities increased by 40,000

C Total assets increased by 40,000

D Total assets increased by 40,000 with a corresponding increase in liabilities by 40,000

E Total liabilities decreased by 40,000

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