When a company purchases goods that it will resell,it must record the goods in an asset account.

Name: When a company purchases goods that it will resell,it must record the goods in an asset account.
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When a company purchases goods that it will resell, it is considered inventory and should be recorded in an asset account until it is sold, at which point it is recognized as a cost of goods sold expense.

When a Company Purchases Goods That It Will Resell,it Must