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Abbott Company purchased $6,700 of merchandise inventory on account. Abbott uses the perpetual inventory method. How does this transaction affect the financial statements? Multiple Choice

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Abbott Company purchased $6,700 of merchandise inventory on account. Abbott uses the perpetual inventory method. How does this transaction affect the financial statements? Multiple Choice O Decrease accounts payable and decrease purchases. O Increase inventory and increase accounts payable. O Increase cost of goods sold and increase accounts payable. O Decrease accounts payable and decrease inventory

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