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A company purchased land costing $27000 by paying cash of$6750 and signing a 90-day note for the balance. The entry to record this transaction would

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A company purchased land costing $27000 by paying cash of$6750 and signing a 90-day note for the balance. The entry to record this transaction would increase total assets. decrease total liabilities. decrease Common stock increase total assets and decrease total liabilities

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