The balance in Teem Corporation's accounts payable at December 31, 2020 was P1,400,000 before any necessary adjustments relating to the following: * Goods were in transit to Teem 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 Teem, were received on January 6, 2021. The invoice cost was P37,500. * On December 27, 2020, Teem wrote and recorded checks totaling P60,000 which were mailed on January 10, 2021. In Teem's December 31, 2020 Statement of Financial Position, how much should be the accounts payable? *

The balance in Teem Corporation's accounts payable at December 31, 2020 was P1,400,000 before any necessary adjustments relating to the following: * Goods were in transit to Teem 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 Teem, were received on January 6, 2021. The invoice cost was P37,500. On December 27, 2020, Teem wrote and recorded checks totaling P60,000 which were mailed on January 10, 2021. In Teem's December 31, 2020 Statement of Financial Position, how much should be the accounts payable? *

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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