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Shown below are selected transactions of Kiger's a retail store that uses a perpetual inventory system.
(a) Purchased merchandise on account.
(b) Recognized the revenue from a sale of merchandise on account. (Ignore the related cost of goods sold.)
(c) Recognized that cost of goods sold relating to the sale in transaction b.
(d) Collected in cash the account receivable from the customer in transaction.
(e) Following the taking of a physical inventory at year-end, made an adjusting entry to record a normal amount of inventory shrinkage.
Problem 1: Indicate the effects of each of these transactions on the elements of the company's financial statements
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