Solution-How much should quinn report as accounts payable

How much should quinn report as accounts payable

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Reference no: EM133176068

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	Destination point

Purchases Journal Entries: January 2 - January 10, 2023

Receiving Report Date	Date of Shipment	Amount	Consignment
Jan. 5, 2023	Dec. 29, 2022	P110,000	Destination point
Jan. 7, 2023	Dec. 30, 2022	170,000	F. A. S. in transit to Quinn
Jan. 9, 2023	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?

Reference no: EM133176068

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How much should quinn report as accounts payable

Reference no: EM133176068

Reference no: EM133176068

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