Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021. On July 16, Huhu Company sold merchandise to Hihi Company for P6,000, terms 2/10, n/30. Shipping costs were P600. Hihi Company received the goods and Huhu Company’s invoice on July 17. On July 24, Hihi Company sent the payment to Huhu, which Huhu received on July 25. Additional Info: c. Both Huhu and Hihi use the periodic inventory system. d. The arrangement regarding the shipping costs are as follows: Shipping terms FOB Shipping Point, Freight Collect. Hihi paid the shipping costs on July 17 and Hihi remitted P5,880 on July 24. What is the balance of accounts payable after remittances?
Huhu Company and Hihi Company engaged in the following transactions during the month of July 2021. On July 16, Huhu Company sold merchandise to Hihi Company for P6,000, terms 2/10, n/30. Shipping costs were P600. Hihi Company received the goods and Huhu Company’s invoice on July 17. On July 24, Hihi Company sent the payment to Huhu, which Huhu received on July 25. Additional Info: c. Both Huhu and Hihi use the periodic inventory system. d. The arrangement regarding the shipping costs are as follows: Shipping terms FOB Shipping Point, Freight Collect. Hihi paid the shipping costs on July 17 and Hihi remitted P5,880 on July 24. What is the balance of accounts payable after remittances?
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