On March 16. Mirage Cleaning bought 55 vacuum cleaners at S40 each. Terms of the...
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Accounting
On March 16. Mirage Cleaning bought 55 vacuum cleaners at S40 each. Terms of the purchase were 3/10. n/30. It paid for 30 vacuum cleaners on March 25 and paid for the remaining 25 vacuum cleaners on April 15. If Mirage uses the gross method to account for its inventory purchases, what is its cash payment and reduction of inventory on March 25? What is the amount of accounts payable after the March 25 payment? Assume the perpetual inventory system is used. Since Mirage uses the gross method to account for its inventory purchases. Mirage's cash payment is on March 25. The reduction of inventory is on March 25
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