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Gadgets, Inc. purchased equipment for resale on account for $32,000. Which option describes the correct way to record the transaction? Select one: a. increase (debit)
Gadgets, Inc. purchased equipment for resale on account for $32,000. Which option describes the correct way to record the transaction?
Select one:
a. increase (debit) equipment and credit (increase) accounts payable
b. increase (debit) equipment and decrease (credit) cash
c. increase (debit) inventory and increase (credit) accounts payable
d. increase (debit) inventory and credit (decrease) cash
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