Answer:
Assets and liabilities both would increase by $76,000
Step-by-step explanation:
Alpha company has assets of $602,000
Liabilities of $251,000
and equity of $351,000
It buys office equipment on credit for $76,000.
Hence, assets would increase by $76,000 since, the payment has not been done it is on credit therefore, liabilities would also increase by $76,000
Now the Alpha company has assets of $602,000 + 76,000 = $678,000
and liabilities of $251,000 + $76,000 = $327,000
Assets and liabilities both would increase by $76,000
