ANSWERS TO QUESTIONS

Accounts payable—current liability in the current liabilities section of the balance sheet. (b) (1) 8/10 Purchases 8,820 Accounts Payable ($9,000 X .98) 8,820 8/13 Accounts Payable 1,176 Purchase Returns and Allowances 1,176 ($1,200 X .98) PROBLEM 8-3 (Continued) ................
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