Your company just replenished its inventory with several purchase transactions. The inventory was purchased on 30-day terms.

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Your company just replenished its inventory with several purchase transactions. The inventory was purchased on 30-day terms. Which best describes the effect of these purchase transactions on the accounting equation?

Inventory Account increases, Accounts Payable increases

Inventory Account increases, Accounts Payable decreases

Inventory Account decreases, Accounts Payable increases

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0176509736

10th Canadian Edition, Volume 1

Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,

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Posted Date: Feb 12, 2024 07:50 AM

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Your company just replenished its inventory with several purchase transactions. The inventory was purchased on 30-day terms.

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Intermediate Accounting

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