Reference no: EM132942771
On December 31, 2018, KLM Co. has accounts payable of P1 000 000 before possible adjustment for the following:
a. Checks drawn but not yet released to payees amounted to P12 000 while checks drawn and released to payees but were postdated amounted to P5 000.
b. On December 28, 2018, a vendor authorized ABC to return for full credit goods shipped and billed at P25 000 on Dec. 14, 2018. ABC shipped the on December 31, 2018 but the credit memo received and recorded only on January 3, 2019.
c. Goods shipped FOB shipping point, freight prepaid from a vendor on December 28, 2018 was recorded at invoice cost at shipment date. The invoice cost is P14 000 while the freight cost is P3 000.
d. Goods shipped FOB destination, freight collect were received on December 29, 2018. The invoice cost of P40 000 was credited to accounts payable on date of receipt and the related freight of P5 000 was debited to an expense account.
Requirement:
Problem 1: Compute for the adjusted accounts payable on December 31, 2018.
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