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Fain Company returned merchandise previously purchased on account, which it had not yet paid for. Fain uses the perpetual inventory system. Which of the following

Fain Company returned merchandise previously purchased on account, which it had not yet paid for. Fain uses the perpetual inventory system. Which of the following answers reflects the effects of the purchase return on the financial statements?

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Choice A

Choice B

Choice C

Choice D

Assets Liab Equity Rev Exp Net Inc. Cash A) t OA B) NA NIA NA NA NA NA C) OA NA NA NA NA NA D)

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