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How would a purchase $800 of inventory on credit affect the income statement? ...

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Question

Accounting

How would a purchase $800 of inventory on credit affect the income statement?
Select one:
a.
It would decrease net income by $800.
b.
It would decrease noncash assets by $800.
c.
None of these are correct.
d.
It would decrease liabilities by $800.
e.
It would increase cost of goods sold by $800.

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