Question
June Company records purchases at net amounts. On December 15, 2016, June purchased merchandise on account of P375,000. Terms are 4/10, n/30. The company returned
June Company records purchases at net amounts. On December 15, 2016, June purchased merchandise on account of P375,000. Terms are 4/10, n/30.
The company returned P25,000 of that purchase and received credit.
June was unable to pay it as of December 31, 2016. How much should be adjusted on December 31 on the balance of accounts payable?
|
| a. | P1,000 |
|
| b. | P15,000 |
|
| c. | P14,000 |
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Accounting For Business
Authors: Peter Scott
2nd Edition
0198719868, 9780198719861
