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What amount should reported as accounts payable on december

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Reference no: EM132919867

Rolman Corporation reported accounts payable on December 31, 2006 at £4,500,000 before any necessary year-end adjustments to the following transactions:

  • On December 27, 2006, Rolman Corporation wrote and recorded checks to creditors totaling £2,000,000. The checks were mailed on January 10, 2007.
  • On December 28, 2006, Rolman Corporation purchased and received goods for £750,000, terms 2/10, n/30. The invoice was recorded and paid on January 3, 2007.
  • Goods shipped FOB destination on December 30, 2006 from a seller to the Rolman Corporation were received January 15, 2007. The invoice cost is £325,000.

Problem 1. What amount should be reported as accounts payable on December 31, 2006?

Reference no: EM132919867

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