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Question 1: GSM's account payable at December 31, 2020, totaled P1,600,000 before any necessary year-end adjustments relating to the following transactions: On December 27, 2020, GSM wrote and recorded checks to creditors totaling P700,000 causing an overdraft of P200,000 in GSM's bank account at December 31, 2020. The checks were mailed out on January 10, 2015. On December 28, 2020, GSM purchased and received goods for P300,000, terms 2/10, n/30. GSM records purchases and accounts payable at net amounts. The invoice was recorded and paid January 2, 2021. Goods shipped FOB destination on December 20, 2020 from a vendor was received January 2, 2021. The invoice price was P130,000. At December 31, 2020, what amount should GSM report as total accounts payable?
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