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A purchase of inventory on account affects which accounts on the purchaser's books? Purchases, inventory, and cost of goods sold all increase, and cash decreases
A purchase of inventory on account affects which accounts on the purchaser's books?
- Purchases, inventory, and cost of goods sold all increase, and cash decreases
- Only inventory and accounts payable both increase
c) Purchases, accounts payable, and inventory all increase
- Inventory increases and cash decreases
- Sales, accounts payable, inventory and cost of goods sold all increase
- Only purchases and accounts payable both increase
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