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InstaChat Company paid $ 5 0 , 0 0 0 on its account ( i . e . , at an earlier time, InstaChat bought

InstaChat Company paid $50,000 on its account (i.e., at an earlier time, InstaChat bought something and promised to pay for it later, which it is now doing). This
increases expenses and decreases liabilities
increases assets and increases liabilities
decreases liabilities and increases expenses
decreases assets and decreases liabilities
decreases assets and increases expenses
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