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20 (1 point) How are goods purchased for resale recorded in the financial statements? As cost of goods sold As inventory As operating expenses As

20 (1 point) How are goods purchased for resale recorded in the financial statements? As cost of goods sold As inventory As operating expenses As prepaid expenses Question 21 (1 point) The purchase of an asset on credit increases assets and liabilities. I has no effect on total assets. decreases assets and increases liabilities. increases assets and shareholders' equity

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