Pork Company's accounts payable at December 31, 2020 totaled P20,000,000 before any necessary year-end adjustments relating to the following transactions: Goods shipped FOB destination on December 31, 2020, from a vendor to Pork were lost in transit. The invoice cost of P3,000,000 was not recorded by Pork. On January 5, 2021, Pork notified the vendor of the lost shipment. On December 31, 2020, Pork wrote and recorded checks to creditors totaling P5,000,000 causing an overdraft of P1,000,000. The checks were mailed on January 5, 2021. Goods shipped FOB warehouse on December 31, 2022 from a vendor to Pork were received and recorded on January 5, 2021. The invoice cost was P2,000,000 At December 31, 2022, what amount should Pork report as accounts payable? 27,000,000 26,000,000 30,000,000 23,000,000
Pork Company's accounts payable at December 31, 2020 totaled P20,000,000 before any necessary year-end adjustments relating to the following transactions:
Goods shipped FOB destination on December 31, 2020, from a vendor to Pork were lost in transit. The invoice cost of P3,000,000 was not recorded by Pork. On January 5, 2021, Pork notified the vendor of the lost shipment.
On December 31, 2020, Pork wrote and recorded checks to creditors totaling P5,000,000 causing an overdraft of P1,000,000. The checks were mailed on January 5, 2021.
Goods shipped FOB warehouse on December 31, 2022 from a vendor to Pork were received and recorded on January 5, 2021. The invoice cost was P2,000,000
At December 31, 2022, what amount should Pork report as accounts payable?
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