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Atlas Inc. purchased supplies for $300 on account. What is the effect of this transaction on Atlas's income statement and balance sheet? a.The liability Accounts
Atlas Inc. purchased supplies for $300 on account. What is the effect of this transaction on Atlas's income statement and balance sheet?
a.The liability Accounts Payable increases by $300 in the balance sheet.
b.Accounts Receivable increases by $300 in the income statement.
c.There are no entries in the balance sheet.
d.The asset Supplies decreases by $300 in the balance sheet.
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