Question 20 3 pts On April 1, a hardware retailer purchases inventory on account for $1800. Which of the following correctly describes the effect of this transaction? Oo oo Merchandise Inventory decreases by $1800 and Accounts Receivable decreases by $1800. Merchandise Inventory decreases by $1800 and Accounts Receivable increases by $1800, Merchandise Inventory increases by $1800 and Accounts Payable decreases by $1800. Merchandise Inventory increases by $1800 and Accounts Payable increases by $1800