Question
At January 1, the total of the purchases ledger accounts was $38,000, while at December 31 it was $43,000. During the year the firm paid
At January 1, the total of the purchases ledger accounts was $38,000, while at December 31 it was $43,000. During the year the firm paid out $83,000 to credit suppliers, while enjoying discounts of $8,800.
How much was purchased on credit during the year ?
Select one :
A.$88,000
B.$96,000
C.$82,600
D.$97,000
Clear explanation of answer needed
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Principles Of Auditing
Authors: O. Ray Whittington, Kurt Pany, Walter B. Meigs
12th Edition
