Question: What would be the effect on the basic accounting equation if inventory was purchased and paid for? An asset would increase and a liability would

What would be the effect on the basic accounting equation if

What would be the effect on the basic accounting equation if inventory was purchased and paid for? An asset would increase and a liability would increase. Expenses would increase and a liability would decrease. One asset would increase and another asset would decrease. Expenses would increase and an asset would decrease

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