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what the effect of the purchase on account on cost of good sold , current assets , current liabilities net income if you have the following conditions 1- not recorded in the accounting records2- recorded but exclude from the ending inventory
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On account is an accounting term that denotes partial payment of an amount owed or the purchase/sale of merchandise or a service on credit. For example, if a firm purchases $5,000 worth of merchandise on account, this refers to the purchase of the goods on credit and a deferral of payment.