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A print shop buys a $9,000 press and agrees to pay the supplier in 60 days. What is the immediate effect on the accounting equation?
A
Total assets are unchanged; liabilities increase $9,000 and owner's equity decreases $9,000.
B
Total assets increase $9,000 and total liabilities increase $9,000; owner's equity is unchanged.
C
Total assets increase $9,000 and owner's equity increases $9,000; liabilities are unchanged.
D
Total assets decrease $9,000 and total liabilities increase $9,000.