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Question(s) / Instruction(s):

A company purchases $20,000 inventory on account. On the date of purchase it will record: a) Increase inventory $20,000 and increase accounts receivable $20,000 b) Increase Inventory $20,000, decrease cash $20,000 c) Decrease cash $20,000 and decrease Accounts payable d) Increase Inventory $20,000, increase accounts payable $20,000 e) None of the above

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