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Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for their customers. How will this business transaction affect the accounting equation?

a) Increase Assets (Supplies) and increase Liabilities (Accounts Payable)

b) Increase Assets (Supplies) and decrease Assets (Cash)

c) Increase Assets (Supplies) and decrease Owner's Equity (Supplies Expense)

d) Increase Owner's Equity (Supplies Expense) and increase Liabilities (Accounts Payable)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9415748

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