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:
Business Cycle
The economic cycle of expansion and contraction that occurs within an economy.
Telecommunications Industry
A sector that facilitates communication over significant distances via telephone, internet, cable, and broadcasting.
Index Of Leading Indicators
A composite statistic of variables that are considered to predict future economic activity, helping analysts and policymakers gauge the economy's direction.
Inventory Cycle Theory
A theory explaining the fluctuations in inventory levels and production rates within firms, based on changes in sales forecasts and supply chain efficiencies.
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