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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 81BPSB

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