Reference no: EM132942770
On December 31, 2018, MSU Co. has accounts payable of P 1 000 000 before possible adjustment for the following:
a. Goods in transit from a vendor to ABC on December 31, 2018 with an invoice cost of P50 000 purchased FOB shipping point was not yet recorded.
b. Goods shipped FOB shipping point from a vendor to ABC, was lost in transit. The invoice cost of P20 000 was not yet recorded.
c. Goods shipped FOB shipping point from a vendor to ABC on December 31, 2018 amounting to P8 000 was recorded and included in the year- end physical count as "goods in transit".
d. Goods in transit from a vendor to ABC on December 31, 2018 with an invoice cost of P10 000 purchased FOB destination was not yet recorded. The goods were received in January 2019.
e. Goods with invoice cost of P15 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.
Requirement:
Problem 1: Compute for the adjusted accounts payable accounts payable on December 31, 2018.
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