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Earn +20 ptsQ: A liability created by buying goods or services on credit?
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Do you get a tax credit for buying a house in 2015?
Yes, there were tax credits available for buying a house in 2015, such as the First-Time Homebuyer Credit or Mortgage Interest Deduction, which could help reduce your tax liability.
Buying on credit?
Buying on credit is also called Buying on Margin
Which reduces your tax liability more, a deduction or a credit?
A tax credit reduces your tax liability more than a deduction.
How does an increase in liability affect the debit or credit side of the accounting equation?
An increase in liability will affect the credit side of the accounting equation.
What is the purchase of equipment on credit recorded by?
A debit to equipment and a credit to liability
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