ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 279

23.

Which of the following is true about accounts payable?

1. Accounts payable should not be reported at their present
value.

2. When accounts payable are recorded at the net amount, a
Purchase Discounts account will be used.

3. When accounts payable are recorded at the gross amount, a
Purchase Discounts Lost account will be used.

a. 1