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On September 1, ABC Company purchased P950,000 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were P2,000. Payment  for the purchase was made on September 18. Assuming ABC Company  uses the perpetual inventory system and the net method of accounting for purchase discounts.   What amount recorded on September 1 as accounts payable  from this purchase?

On September 1, ABC Company purchased P950,000 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were P2,000. Payment  for the purchase was made on September 18. Assuming ABC Company  uses the perpetual inventory system and the net method of accounting for purchase discounts.   What amount recorded on September 1 as accounts payable  from this purchase?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1RE: Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare...
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On September 1, ABC Company purchased P950,000 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were P2,000. Payment  for the purchase was made on September 18. Assuming ABC Company  uses the perpetual inventory system and the net method of accounting for purchase discounts.

 

What amount recorded on September 1 as accounts payable  from this purchase?

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