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What amount should adams company report as total accounts

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Reference no: EM132578912

The balance in Adams Company's account payable at December 31, 2015 was P 1,500,000 before considering the following information:

  • Goods shipped FOB shipping point on December 20, 2015 from a vendor to Adams was lost in transit. Adams did not record the invoice cost of P240, 000. On January 6, 2016, Adams filed a P 240,000 claim against the common carrier.
  • On December 27, 2015, a vendor authorized Adams to return, for full credit goods shipped and billed at P80, 000 on December 2, 2015. Adams shipped the returned goods on December 27, 2015. A credit memo for P80, 000 was received and recorded by Adams on January 6, 2016.

REQUIRED:

Question 1: What amount should Adams Company report as total accounts payable at December 31, 2015?

Reference no: EM132578912

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