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How much should the account payable be adjusted

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Star Corporation records its purchases at net amounts. Star purchased merchandise on account on September 7 for P45,000 with terms of 3/10, n/30. Star returned P4,000 of the Sept. 7 transaction and received credit on account. The balance has not been paid as of Sept. 30.

Problem 1: On Sept. 30, how much should the account payable be adjusted?

Reference no: EM132969409

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