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QUESTION 49 Dolittle and Dalley has $3,000 in purchases for January and $5,000 in purchases for February. It expects to pay 80% of its purchases in the month the purchases are made. The remaining amount will be paid in the following month. How much does Dolittle and Dalley include as cash paid for inventory in February?

QUESTION 49 Dolittle and Dalley has $3,000 in purchases for January and $5,000 in purchases for February. It expects to pay 80% of its purchases in the month the purchases are made. The remaining amount will be paid in the following month. How much does Dolittle and Dalley include as cash paid for inventory in February?

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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QUESTION 49 Dolittle and Dalley has $3,000 in purchases for January and $5,000 in purchases for February. It expects to pay 80% of its purchases in the month the purchases are made. The remaining amount will be paid in the following month. How much does Dolittle and Dalley include as cash paid for inventory in February?
Transcribed Image Text:QUESTION 49 Dolittle and Dalley has $3,000 in purchases for January and $5,000 in purchases for February. It expects to pay 80% of its purchases in the month the purchases are made. The remaining amount will be paid in the following month. How much does Dolittle and Dalley include as cash paid for inventory in February?
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