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Question - Quinn Company reported accounts payable of P1,000,000 as of December 31, 2022. The following transactions were recorded in month of December 2022 and January 2023 related to accounts payable.
Purchases Journal Entries: Dec. 21 - Dec. 31, 2022:
Receiving Report Date
Date of Shipment
Amount
Shipment terms
Dec. 22, 2022
Dec. 21, 2022
P162,000
Destination point
Jan. 9, 2023
Dec. 30, 2022
128,000
C. I. F. in transit
Jan. 10, 2023
Dec. 31, 2022
125,000
Purchases Journal Entries: January 2 - January 10, 2023
Consignment
Jan. 5, 2023
Dec. 29, 2022
P110,000
Jan. 7, 2023
170,000
F. A. S. in transit to Quinn
Jan. 6, 2023
300,000
Shipping Point
Required - How much should Quinn report as accounts payable in its December 31, 2022 statement of financial position?
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