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What amount Cherry report as total current liabilities

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Question - James Corporation's current liabilities at December 31, 2020 totaled P1,800,000 before any necessary year-end adjustment relating to the following transactions:

On December 23, 2020, a vendor authorized James to return for full credit, merchandise shipped and billed at P54,000 on December 9, 2020. A P54,000 credit memo was received and recorded by James on January 2, 2021.

During December 2020, James received P90,000 from Red, a customer, as an advance payment for a handicraft that James will make to Red's specifications. From this transaction, James has a P90,000 credit balance in its accounts receivable from Red at December 31, 2020.

What amount should Cherry report as total current liabilities in its December 31, 2020 balance sheet?

Reference no: EM132791581

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