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Under a perpetual inventory system, the following entry would be made to record a purchase of inventory on account: XXX Cost of Goods Sold XXX
Under a perpetual inventory system, the following entry would be made to record a purchase of inventory on account: XXX Cost of Goods Sold XXX Accounts Payable Purchases Accounts Payable Merchandise Inventory Accounts Receivable Merchandise Inventory Accounts Payable XXX XXX XXX XXX
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