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X Company sold merchandise for $9,300 cash. The merchandise had cost the company $8,400. What is the effect of the sale on the balance sheet?

X Company sold merchandise for $9,300 cash. The merchandise had cost the company $8,400. What is the effect of the sale on the balance sheet?

Multiple Choice:

Cash increases by $9,300

Inventory decreases by $8,400

Retained earnings increases by $900

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