Faris Company paid the amount due on a purchase of merchandise on account. Faris uses the perpetual inventory system. Which of the following answers reflects the effect of the payment on the financial statements? 
Definitions:
Actual Price Level
The current level of prices in the economy for goods and services, reflecting inflation or deflation in the market.
Real Wages
The purchasing power of wages, taking into account the effects of inflation or deflation, representing the quantity of goods and services wages can buy.
Cyclical Unemployment
Unemployment that rises during economic downturns and falls when the economy improves, directly related to cycles of economic upturn and downturn.
Natural Rate
The long-term unemployment rate around which the labor market is considered to be in balance, where the number of people seeking jobs equals the number of jobs available.
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