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Goods were in transit to DEF Corpora was P75,000. The goods were shippe received on January 2, 2021. Goods shipped FOB destination on D

Goods were in transit to DEF Corpora was P75,000. The goods were shippe received on January 2, 2021. Goods shipped FOB destination on D

FINANCIAL ACCOUNTING
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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9) The balance in DEF Corporation's accounts payable account on December 31, 2020 was P1,350,000 before any necessary year-end adjustments relating to the following: Goods were in transit to DEF Corporation from a vendor on December 31, 2020. The invoice cost was P75,000. The goods were shipped FOB shipping point on December 29, 2020 and were received on January 2, 2021. Goods shipped FOB destination on December 21, 2020, from a vendor to DEF Corporation, were received on January 6, 2021. The invoice cost was P37,500. On December 27, 2020, DEF Corporation wrote and recorded checks totaling P60,000 which were mailed on January 10, 2021. In DEF Corporation's December 31, 2020 balance sheet, how much should be the accounts payable?
Transcribed Image Text:9) The balance in DEF Corporation's accounts payable account on December 31, 2020 was P1,350,000 before any necessary year-end adjustments relating to the following: Goods were in transit to DEF Corporation from a vendor on December 31, 2020. The invoice cost was P75,000. The goods were shipped FOB shipping point on December 29, 2020 and were received on January 2, 2021. Goods shipped FOB destination on December 21, 2020, from a vendor to DEF Corporation, were received on January 6, 2021. The invoice cost was P37,500. On December 27, 2020, DEF Corporation wrote and recorded checks totaling P60,000 which were mailed on January 10, 2021. In DEF Corporation's December 31, 2020 balance sheet, how much should be the accounts payable?
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