Inuyasha Company reported accounts payable of P1,000,000 as of December 31, 2022. The following transactions were recorded in month of December 2022 and January 2023 related to accounts payable. Purchases Journal Entries: Dec. 21 – Dec. 31, 2022: Receiving Report Date Date of Shipment Amount Shipment terms Dec. 22, 2022 Dec. 21, 2022 P162,000 Destination point Jan. 9, 2023 Dec. 30, 2022 128,000 C. I. F. in transit Jan. 10, 2023 Dec. 31, 2022 125,000 Destination point Purchases Journal Entries: January 2 – January 10, 2023 Receiving Report Date Date of Shipment Amount Consignment Jan. 5, 2023 Dec. 29, 2022 P110,000 Destination point Jan. 7, 2023 Dec. 30, 2022 170,000 F. A. S. in transit to Inuyasha Jan. 9, 2023 Jan. 6, 2023 300,000 Shipping Point How much should Inuyasha report as accounts payable in its December 31, 2022 statement of financial position?
Inuyasha Company reported accounts payable of P1,000,000 as of December 31, 2022. The following transactions were recorded in month of December 2022 and January 2023 related to accounts payable.
Purchases
|
Receiving Report Date |
Date of Shipment |
Amount |
|
Shipment terms |
|
Dec. 22, 2022 |
Dec. 21, 2022 |
P162,000 |
|
Destination point |
|
Jan. 9, 2023 |
Dec. 30, 2022 |
128,000 |
|
C. I. F. in transit |
|
Jan. 10, 2023 |
Dec. 31, 2022 |
125,000 |
|
Destination point |
Purchases Journal Entries: January 2 – January 10, 2023
|
Receiving Report Date |
Date of Shipment |
Amount |
|
Consignment |
|
Jan. 5, 2023 |
Dec. 29, 2022 |
P110,000 |
|
Destination point |
|
Jan. 7, 2023 |
Dec. 30, 2022 |
170,000 |
|
F. A. S. in transit to Inuyasha |
|
Jan. 9, 2023 |
Jan. 6, 2023 |
300,000 |
|
Shipping Point |
How much should Inuyasha report as accounts payable in its December 31, 2022
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