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7 (1 mark) A business purchased trading stock on credit, the effect of the transaction in the accounting equation will be: A. Increase assets and

7 (1 mark) A business purchased trading stock on credit, the effect of the transaction in the accounting equation will be: A. Increase assets and decrease liabilities. B. Increase owner's equity and increase liabilities. C. Increase assets and increase owner's equity. D. Increase assets and increase liabilities

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