Which of the following describes the effect of a purchase of $3,000 of inventory on credit? a) It would increase liabilities by $3,000 and increase inventory by $3,000. b) It would decrease inventory by $3,000 and decrease retained earnings by $3,000. c) It would increase liabilities by $3,000 and decrease retained earnings by $3,000. d) It would decrease cash $3,000 and increase inventory by $3,000