upon initial investment of cash by the owner, which major accounts will be affected?
A. Assets Only
B. Assets and liabilities
C. Asset's and owner's equity
D. Only owner's equity account
A. Assets Only
B. Assets and liabilities
C. Asset's and owner's equity
D. Only owner's equity account
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Answer:
D.
Owner's equity will increase if you have revenues and gains. Owner's equity decreases if you have expenses and losses.