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Under the perpetual system, the purchase of merchandise is recorded by a(n): A) increase to Cost of Goods Sold; increase to Accounts Payable. B) decrease
Under the perpetual system, the purchase of merchandise is recorded by a(n):
A) increase to Cost of Goods Sold; increase to Accounts Payable.
B) decrease to Accounts Payable; decrease to Purchases.
C) increase to Purchases; increase to Accounts Payable.
D) increase to Merchandise Inventory; increase to Accounts Payable.
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