Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2. A business purchases merchandise on credit in the amount of $ 45,000. When you receive the invoice, you have 60 days to pay it.
2. A business purchases merchandise on credit in the amount of $ 45,000. When you receive the
invoice, you have 60 days to pay it. This debt:
to. It is presented as Accounts payable for $ 45,000
b. It is presented as Accounts payable for the present value of
$ 45,000, payable within 60 days.
c. Because the company receives an invoice with a specific payment date, it is
classifies as a short-term note payable.
d. "B" or "c" at the choice of management.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started