On January 5, Evergreen Market sold merchandise for $800 cash that had cost $500. This transaction consists
Question:
On January 5, Evergreen Market sold merchandise for $800 cash that had cost $500. This transaction consists of two separate events:
(1) the sale, which, taken by itself, [increased / decreased] Retained Earnings by $800, and (2) the decrease in inventory, which, taken by itself, [increased / decreased] Retained Earnings by $500.
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