Burton Company purchased goods for resale. Burton Company paid some cash
for the purchase and the remainder was put on the company's credit accounts
with its suppliers.
What is the effect of this transaction on the accounting equation?
Inventory UP, Cash DOWN, Accounts Payable UP
Inventory DOWN, Cash DOWN, Accounts Payable DOWN
Inventory DOWN, Cash UP, Accounts Payable UP
Inventory UP, Cash UP, Accounts Payable DOWN
Inventory UP, Cash DOWN, Accounts Payable UP