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Under the periodic inventory system, the Purchases account is (A)a permanent account. (B)an account that is not closed. (C)the same as the Inventory account and

Under the periodic inventory system, the Purchases account is

(A)a permanent account.

(B)an account that is not closed.

(C)the same as the Inventory account and is reported on the statement of financial position.

(D)a temporary account.

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