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An Entry Is Made to Close Purchases and Purchase Discounts \quad

Question 41

Multiple Choice

An entry is made to close Purchases and Purchase Discounts as: Account A \quad 35,000
Account B \quad 1,600
Account C \quad\quad 36,600 Based on this entry, total (gross) purchases for the year were


A) $35,000
B) $1,600
C) $36,600
D) Undeterminable, given the preceding information

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