Question
QUESTION 10 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
QUESTION 10
- 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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Financial And Managerial Accounting Working Papers Volume I
Authors: Belverd E. Needles
7th Edition
061839365X, 978-0618393657
