49. An entry is made to close purchases and purchase discounts as: Account A 35,000 Account B 1,600 Account C 36,600 Based on this entry, total (gross) purchases for the year were: a. 36,600 b. 35,000 c. 1,600 d. Undeterminable, given the preceding information

49. An entry is made to close purchases and purchase discounts as: Account A 35,000 Account B 1,600 Account C 36,600 Based on this entry, total (gross) purchases for the year were: a. 36,600 b. 35,000 c. 1,600 d. Undeterminable, given the preceding information

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

49. An entry is made to close purchases and purchase discounts as:
Account A 35,000
Account B 1,600
Account C 36,600
Based on this entry, total (gross) purchases for the year were:
a. 36,600
b. 35,000
c. 1,600
d. Undeterminable, given the preceding information

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