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Stewart lCompany! purchases store supplies for $2,700, paying 20% of the amount due in cash and agreeing to pay the balance at a later date.

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Stewart lCompany! purchases store supplies for $2,700, paying 20% of the amount due in cash and agreeing to pay the balance at a later date. Required: What is the effect of this transaction on individual asset accounts, individual liability accounts, the Capital Stock account, and the Retained Earnings account? Check all that apply. H An asset account increases. An asset account decreases. A liabilityr account increases. A liabilityr account decreases. [1 Capital Stock increases. D Capital Stock decreases. D Retained Earnings decrease. i'i Clear Undo I\": :l Retained Earnings increase

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