How are the elements of the financial statements affected when merchandise inventory is purchased on account? (Assume a perpetual inventory system is in use.)

Name: How are the elements of the financial statements affected when merchandise inventory is purchased on account? (Assume a perpetual inventory system is in use.)
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The Answer of How are the elements of the financial statements affected when merchandise inventory is purchased on account? (Assume a perpetual inventory system is in use.)

How Are the Elements of the Financial Statements Affected When