a. Checks drawn but not yet released to payees amounted to P12 000 while check leased to payees but were postdated amounted to P5 000. b. On December 28, 2018, a vendor authorized ABC to return for full credit good ed and billed at P25 000 on Dec. 14, 2018. ABC shipped the on December 31, 201 memo received and recorded only on January 3, 2019. c. Goods shipped FOB shipping point, freight prepaid from a vendor on Decemb was recorded at invoice cost at shipment date. The invoice cost is P14 000 while t t cost is P3 000

a. Checks drawn but not yet released to payees amounted to P12 000 while check leased to payees but were postdated amounted to P5 000. b. On December 28, 2018, a vendor authorized ABC to return for full credit good ed and billed at P25 000 on Dec. 14, 2018. ABC shipped the on December 31, 201 memo received and recorded only on January 3, 2019. c. Goods shipped FOB shipping point, freight prepaid from a vendor on Decemb was recorded at invoice cost at shipment date. The invoice cost is P14 000 while t t cost is P3 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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H2.
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