MARTINEZ Company records its purchases at gross but wishes to change to recording purchases at net. Discounts available on purchases recorded from October 1, 2020 to September 30, 2021 totaled P400,000. Of this amount P50,000 is still available in the accounts payable balance. The balances in the accounts before conversion are: Purchases 8,000,000 Purchase discounts taken 100,000 Accounts payable 3,000,000 The adjusted accounts payable on September 30, 2021 should be Group of answer choices 2,900,000 2,950,000 2,600,000 3,000,000
MARTINEZ Company records its purchases at gross but wishes to change to recording purchases at net. Discounts available on purchases recorded from October 1, 2020 to September 30, 2021 totaled P400,000. Of this amount P50,000 is still available in the accounts payable balance. The balances in the accounts before conversion are: Purchases 8,000,000 Purchase discounts taken 100,000 Accounts payable 3,000,000 The adjusted accounts payable on September 30, 2021 should be Group of answer choices 2,900,000 2,950,000 2,600,000 3,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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MARTINEZ Company records its purchases at gross but wishes to change to recording purchases at net. Discounts available on purchases recorded from October 1, 2020 to September 30, 2021 totaled P400,000. Of this amount P50,000 is still available in the accounts payable balance. The balances in the accounts before conversion are:
Purchases 8,000,000
Purchase discounts taken 100,000
Accounts payable 3,000,000
The adjusted accounts payable on September 30, 2021 should be
Group of answer choices
2,900,000
2,950,000
2,600,000
3,000,000
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