A company purchased inventory on account. If the perpetual inventory system is used, which of the following choices accurately reflects how the purchase affects the company's financial statements? 
Definitions:
Monopolistically Competitive
A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and branding differentiation.
Economic Profits
The gap between a company's overall income and its combined outgoings, factoring in both direct and indirect expenses.
Entry Blocked
A market condition where barriers exist that prevent new competitors from easily entering an industry or area of business.
Close Substitutes
Close substitutes are different goods or services that can satisfy the same needs or desires, often with very little difference from the consumer's perspective.
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