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20 June, 13:52

A purchase of an asset on account increases cash. decreases owner's equity. increases assets. decreases expenses

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  1. 20 June, 16:18
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    A purchase of an asset on account increases assets. The assets account is increased due to the new addition of purchased asset. It also increases the liability section because it was purchased on account. Any purchase, addition or acquisition of assets will increase the assets account while any removal or disposal of assets decreases it.
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