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Question 20 If cash is used to purchase an automobile for the business, which of the following is true? Assets will be debited, and owners

Question 20

If cash is used to purchase an automobile for the business, which of the following is true?

Assets will be debited, and owners equity will be debited.

Assets will be debited, and owners equity will be credited.

Assets will be credited, and owners equity will be debited.

None of these are correct.

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