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What amount adams company report as total accounts payable

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Reference no: EM132974241

The balance in Adams Company's accounts payable on December 31, 2021 was P1,500,000 before considering the following information:

  1. Goods shipped FOB Shipping point on December 20, 2021 from a vendor to Adams were lost in transit. Adams did not record the invoice cost of P240,000. On January 6, 2022, Adams filed a P240,000 claim against the common carrier.
  2. On December 27, 2021, a vendor authorized Adams to return, for full credit, goods shipped and billed at P80,000 on December 2, 2021. Adams shipped the returned goods on December 27, 2021. A credit memo for P80,000 was received and recorded by Adams on January 6, 2022.

Required

Problem 1: What amount should Adams Company report as total accounts payable as of December 31, 2021?

Reference no: EM132974241

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