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A medical supply company paid cash for items purchased on account in a prior period. What effect does this transaction have on the accounting equation?
A medical supply company paid cash for items purchased on account in a prior period. What effect does this transaction have on the accounting equation?
Increase in assets and Increase in liabilities. | ||
Increase in assets and Decrease in liabilities. | ||
Decrease in assets and Increase in liabilities. | ||
Decrease in assets and Decrease in liabilities |
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