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An entry is made to close Purchases and Purchase Discounts as: Account A 35,000 Account B 1,600 Account C 36,600 Based on this entry, total (gross) purchases for the year were Oa. $1.600. Ob. $36,600. Oc. $35,000. Od. Undeterminable, given the preceding information.

An entry is made to close Purchases and Purchase Discounts as: Account A 35,000 Account B 1,600 Account C 36,600 Based on this entry, total (gross) purchases for the year were Oa. $1.600. Ob. $36,600. Oc. $35,000. Od. Undeterminable, given the preceding information.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An entry is made to close Purchases and Purchase Discounts as: Account A 35,000 Account B 1,600 Account C 36,600 Based on this entry, total (gross) purchases for the year were Oa. $1,600. Оb. s36,600. Oc. $35,000. Od. Undeterminable, given the preceding information.
Transcribed Image Text:An entry is made to close Purchases and Purchase Discounts as: Account A 35,000 Account B 1,600 Account C 36,600 Based on this entry, total (gross) purchases for the year were Oa. $1,600. Оb. s36,600. Oc. $35,000. Od. Undeterminable, given the preceding information.
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