What amount should b report as accounts payable

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Reference no: EM133378538

Question: The balance in B's accounts payable account at December 31, 2022, was P1,100,000 before considering the following information:

a. Goods shipped FOB shipping point on December 20, 2022, from a vendor to B were lost in transit. The invoice cost of P20,000 was not recorded by B. On January 6, 2023, B filed a P20,000 claim against the common carrier.

b. On December 27, 2022, a vendor authorized B to return, for full credit, goods shipped and billed at P35,000 on December 2, 2022. The returned goods were shipped by B on December 27, 2022. A P35,000 credit memo was received and recorded by B on January 6, 2023.

What amount should B report as accounts payable in its December 31, 2022 balance sheet?

Reference no: EM133378538

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