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Assume you sell inventory for more than you paid for it and you are using...

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Accounting

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Assume you sell inventory for more than you paid for it and you are using the perpetual inventory method, which of the following is false? Inventory is decreased on the sell date Expenses increase on the date of sell Net income is increased on the date of sell The inventory account keeps a running total of the dollar amount of the inventory on hand The inventory account is debited to record any losses on shrinkage during the period

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