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TRUE OR FALSE 17. The Purchases account is used by companies regardless of the type of inventory system used. 18. Buyers should record purchases at

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TRUE OR FALSE

17. The Purchases account is used by companies regardless of the type of inventory system used. 18. Buyers should record purchases at the net cost while sellers should record sale at the gross sale price. 19. A balance sheet in account form positions the assets section on the left side and the liabilities and owner's equity on the right. 20. The Purchases account is only uses by companies applying the periodic inventory system

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