Solution-What amount should be reported as accounts payable

What amount should be reported as accounts payable

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Reference no: EM132925005

Question - Cardo Company reported accounts payable on December 31, 2019 at P4,500,000 before any necessary year-end adjustments relating to the following transactions: On December 27, 2019, Cardo wrote and recorded checks to creditors totaling P2,000,000 causing an overdraft of P500,000 in Cardo's bank account on December 31, 2019. The checks were mailed on January 5, 2020. On December 28, 2019, Cardo purchased and received goods for P750,000, terms 2/10, n/30. Cardo records purchases and accounts payable at net amount. The invoice was recorded and paid January 3, 2020. Goods shipped FOB destination on December 24, 2019 from a vendor to Cardo were received January 8, 2020. The invoice cost was P325,000. On December 31, 2019, what amount should be reported as accounts payable?

Reference no: EM132925005

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What amount should be reported as accounts payable

Reference no: EM132925005

Reference no: EM132925005

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