Rabb Co . records its purchases at gross amounts but wishes to change to recording purchases net
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Question:
Rabb Co records its purchases at gross amounts but wishes to change to recording purchases net of purchase discounts. Discounts available on purchases recorded from October Year to September Year totaled $ Of this amount, $ is still available in the accounts payable balance. The balances in Rabbs accounts as of and for the year ended September Year before conversion are
Purchases
$
Purchase discounts taken
Accounts payable
What is Rabbs accounts payable balance as of September Year after the conversion?
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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