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What amount should be reported as accounts payable

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Reference no: EM132601703

An entity reported accounts payable of P4,000,000 on December 31, 2020 before considering the following data:

  • Goods shipped to the entity on December 31, 2020 FOB shipping point were lost in transit. The invoice cost of P100,000 was not recorded. On January 15, 2021, the entity filed a P100,000 claim against the common carrier.
  • On December 31, 2020, a vendor authorized the entity to return for full credit goods shipped and billed at P150,000 on December 15, 2020. The returned goods were shipped by the entity on December 31, 2020. A P150,000 credit memo was received and recorded by the entity on January 15, 2021.
  • On December 31, 2020, the entity had a P500,000 debit balance in accounts payable to a supplier resulting from an advance payment for goods to be manufactured to the entity's specifications.

Question 1: What amount should be reported as accounts payable on December 31, 2020?

a. 4,350,000

b. 3,950,000

c. 4,500,000

d. 4,450,000

Reference no: EM132601703

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