Homework Help is Here – Start Your Trial Now!
Business
Accounting
MARTINEZ Company records its purchases at gross but wishes to change to recording purchases at net.  Discounts available on purchases recorded from October 1, 2020 to September 30, 2021 totaled P400,000. Of this amount P50,000 is still available in the accounts payable balance. The balances in the accounts before conversion are: Purchases                                            8,000,000 Purchase discounts taken                    100,000 Accounts payable                               3,000,000 The adjusted accounts payable on September 30, 2021 should be Group of answer choices 2,900,000 2,950,000 2,600,000 3,000,000

MARTINEZ Company records its purchases at gross but wishes to change to recording purchases at net.  Discounts available on purchases recorded from October 1, 2020 to September 30, 2021 totaled P400,000. Of this amount P50,000 is still available in the accounts payable balance. The balances in the accounts before conversion are: Purchases                                            8,000,000 Purchase discounts taken                    100,000 Accounts payable                               3,000,000 The adjusted accounts payable on September 30, 2021 should be Group of answer choices 2,900,000 2,950,000 2,600,000 3,000,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

MARTINEZ Company records its purchases at gross but wishes to change to recording purchases at net.  Discounts available on purchases recorded from October 1, 2020 to September 30, 2021 totaled P400,000. Of this amount P50,000 is still available in the accounts payable balance. The balances in the accounts before conversion are:

Purchases                                            8,000,000

Purchase discounts taken                    100,000

Accounts payable                               3,000,000

The adjusted accounts payable on September 30, 2021 should be

Group of answer choices
2,900,000
2,950,000
2,600,000
3,000,000
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for discounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS