On October 16, Sueco Retailers bought 80 parkas on account at $ 75 each. Terms of the

Question:

On October 16, Sueco Retailers bought 80 parkas on account at $ 75 each. Terms of the purchase were 2/ 10, n/ 30. It paid for 60 parkas on October 25 and paid for the remaining 20 parkas on November 15. If Sueco uses the gross method to account for its inventory purchases, what is its cash payment and reduction of inventory on October 25? What is the amount of after the October 25 payment? Assume the perpetual inventory system is used. Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...