Answered: Based upon the following information,…

Based upon the following information, what was the cost of purchases? $ Opening trade payables 142,600 Cash paid 542,300 Discounts received 13,200 Goods returned 27,500 Closing trade payables 137,800

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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Question

Based upon the following information, what was the cost of purchases?

Opening trade payables 142,600

Cash paid 542,300

Discounts received 13,200

Goods returned 27,500

Closing trade payables 137,800

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