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Assume a perpetual inventory system is used. When inventory is purchased on account, the transaction...

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Accounting

Assume a perpetual inventory system is used. When inventory is purchased on account, the transaction recorded in the customers accounting records results in: Select one: a. An increase in asset and a decrease in liability. b. An increase in asset and an increase in liability. c. A decrease in asset and a decrease in liability. d. A decrease in asset and an increase in liability

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