Black Corporation’s accounts payable at December 31, 2018, totaled P 900,000.00 before any necessary year-end adjustments relating to the following transactions;  On December 27, 2018, Black wrote and recorded checks totaling P 400,000.00 causing an overdraft of P100,000.00 in Black’s bank account at December 31, 2018. The checks were mailed out on January 10, 2019.  On December 28, 2018, Black purchased and received goods for P 153,061.00, terms 2/10, n/30. Black records purchases and payable at net amounts. The invoice was recorded

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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Black Corporation’s accounts payable at December 31, 2018, totaled P 900,000.00 before any necessary year-end adjustments relating to the following transactions;  On December 27, 2018, Black wrote and recorded checks totaling P 400,000.00 causing an overdraft of P100,000.00 in Black’s bank account at December 31, 2018. The checks were mailed out on January 10, 2019.  On December 28, 2018, Black purchased and received goods for P 153,061.00, terms 2/10, n/30. Black records purchases and payable at net amounts. The invoice was recorded and paid January 03, 2019.  Goods shipped FOB destination on December 20, 2018 from vendor to Black were received January 02, 2019. The invoice cost was P 65,000.00 At December 31, 2018, what amount should Black report as total accounts payable?
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