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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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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