Critique my accounting answer please

The Greenwood Company purchased equipment costing $700. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction:
a) total assets increased by $700. b) liabilities increased by $300. c) total assets increased by $300. d) both B. and C.
My thought is that the answer would be c) total assets increased by $300. Reasoning is that the $400 cash spent was offset by the $400 equity in the equipment and since the company had possession of the rest of the $300 of the equipment and the remaining cost would not be counted until it was paid.
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Incorrect. What about the ______ created by the $300 (accounts payable) owed in 30 days? (fill in the blank)
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