Solution-What the accounts payable should be

What the accounts payable should be

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Reference no: EM132760720

The balance in Bonita Industries's accounts payable account at December 31, 2020 was $984000 before any necessary year-end adjustments relating to the following:

Goods were in transit to Bonita from a vendor on December 31, 2020. The invoice cost was $45000. The goods were shipped f.o.b. shipping point on December 29, 2020 and were received on January 4, 2021
Goods shipped f.o.b. destination on December 21, 2020 from a vendor to Bonita were received on January 6, 2021. The invoice cost was $30000
On December 27, 2020, Bonita wrote and recorded checks to creditors totaling $35000 that were mailed on January 10, 2021.

Problem 1: In Bonita's December 31, 2020 balance sheet, the accounts payable should be

Option 1: $1019000.
Option 2: $1029000.
Option 3: $1059000.
Option 4: $1064000.

Reference no: EM132760720

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What the accounts payable should be

Reference no: EM132760720

Reference no: EM132760720

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