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Suppose the following transaction(s) happen: A firm sells inventory that had cost $100 for $150. Of the $150 of sales, $120 is cash and $30 is credit.
Which of the following effects on the balance sheet are correct? (Check all that apply) Note that none of the answers give ALL the effects.
Retained Earnings goes up by $50
Inventory goes up by $100
Cash goes up by $150
Accounts Receivable goes up by $30
Accounts Payable goes up by $120
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