Reference no: EM133071662
Question -
Q1. Cleveland Company regularly buys sweaters from Millard Company under FOB shipping point terms and is allowed trade discount of 20% and 10% from the list selling price. Leaveland made a purchase on March 20 and received an invoice. The list price was P4,000,000, a freight charge of P100,000, and payment terms of net 30 days. At what amount should Cleveland record the purchase?
Q2. Erin Company's accounts payable at December 31, 2021 totaled P6,000,000 before any necessary year-end adjustments relating to the following transactions:
Goods shipped FOB shipping point on December 31, 2021, from a vendor to Erin were lost in transit. The invoice cost of P500,000 was not recorded by Erin. On January 5, 2022, Erin notified the vendor of the lost shipment.
On December 31, 2021, Erin wrote and recorded checks to creditors totaling P200,000 causing an overdraft of P100,000. The checks were mailed on January 5, 2017.
Goods shipped FOB seller on December 31, 2021 from a vendor to Erin were received and recorded on January 5, 2022. The invoice cost was P400,000
What amount should Erin report as total accounts payable on December 31, 2021?
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