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Abbott Company purchased $7,300 of merchandise inventory on account. Abbott uses the perpetual inventory method. How does this transaction affect the financial statements? Multiple
Abbott Company purchased $7,300 of merchandise inventory on account. Abbott uses the perpetual inventory method. How does this transaction affect the financial statements? Multiple Choice Decrease accounts payable and decrease purchases. Increase inventory and increase accounts payable. Increase cost of goods sold and increase accounts payable.
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