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In January, X Company purchased some equipment with $100,000 that it borrowed from a local bank. The accountant recorded the transaction as an increase in Inventories and an increase in Accounts Payable. As a result, on the January balance sheet, Inventories were overstated Accounts Payable was understated Cash was understated Totallibilities were understated Total ses were understated Retained Earnings was overstated Submit Ante Tries 099