On December 31, 2021, PACMAN Co. has accounts payable of ₱ 5,000,000 before after adjustment for the following: a)Goods in transit from a vendor to PACMAN on December 31, 2021with an invoice cost of ₱100,000 purchased FOB shipping point was already recorded. b)Goods shipped FOB shipping point from a vendor to PAACMAN was lost in transit. The invoice cost of ₱70,000 was not yet recorded c)Goods shipped FOB shipping point from a vendor to PACMAN on December 31, 2021 amounting to ₱40,000 was recorded and included in the year-end physical count as “goods in transit” d)Goods in transit from a vendor to PACMAN on December 31, 2021 with an invoice cost of ₱50,000 purchased FOB shipping point was not yet recorded. The goods were received in January 2022. e)Goods with invoice cost of ₱80,000 was recorded and included in the year-end physical count as “goods in transit”. It was found out that the goods were shipped from a vendor under FOB destination. Required: Compute for the unadjusted accounts payable on December 31, 2021
On December 31, 2021, PACMAN Co. has accounts payable of ₱ 5,000,000 before after adjustment for the following:
a)Goods in transit from a vendor to PACMAN on December 31, 2021with an invoice cost of ₱100,000 purchased FOB shipping point was already recorded.
b)Goods shipped FOB shipping point from a vendor to PAACMAN was lost in transit. The invoice cost of ₱70,000 was not yet recorded
c)Goods shipped FOB shipping point from a vendor to PACMAN on December 31, 2021 amounting to ₱40,000 was recorded and included in the year-end physical count as “goods in transit”
d)Goods in transit from a vendor to PACMAN on December 31, 2021 with an invoice cost of ₱50,000 purchased FOB shipping point was not yet recorded. The goods were received in January 2022.
e)Goods with invoice cost of ₱80,000 was recorded and included in the year-end physical count as “goods in transit”. It was found out that the goods were shipped from a vendor under FOB destination.
Required: Compute for the unadjusted accounts payable on December 31, 2021
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