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Question: marvins hair studio incurred and paid expenses in may that...

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Marvins Hair Studio incurred and paid expenses in May that totaled $7.500. How does this transaction affect Marvins accounting equation in May? Multiple Choice Increase assets and decrease liabilities by $7,500 Decrease both assets and equity by $7,500 Increase both assets and equity by $7,500 Decrease assets and increase liabilities by $7500
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