Problem 10-22 (AICPA Adapted) Black Company reported accounts payable on December 1 2021 at P4,500,000 before any necessary year-end adjustmen relating to the following transactions: On December 27, 2021, Black Company wrote and reconte checks to creditors totaling P2,000,000 causing an overdrae of P500,000 in Black Company's bank account on December 31, 2021. The checks were mniled out on January 10, 2022 On December 28, 2021, Black Company purchaied and received goods for P750,000 terms 2/10, n /30. Black Company records purchases and accounts payable at net amount. The invoice was recorded and paid January 5 2022. Goods shipped FOB destination, 5/10, n/30 on December 20, 2021 from a vendor to Black Company were recnived January 15, 2022, The invoice cost was P325,000.

Problem 10-22 (AICPA Adapted) Black Company reported accounts payable on December 1 2021 at P4,500,000 before any necessary year-end adjustmen relating to the following transactions: On December 27, 2021, Black Company wrote and reconte checks to creditors totaling P2,000,000 causing an overdrae of P500,000 in Black Company's bank account on December 31, 2021. The checks were mniled out on January 10, 2022 On December 28, 2021, Black Company purchaied and received goods for P750,000 terms 2/10, n /30. Black Company records purchases and accounts payable at net amount. The invoice was recorded and paid January 5 2022. Goods shipped FOB destination, 5/10, n/30 on December 20, 2021 from a vendor to Black Company were recnived January 15, 2022, The invoice cost was P325,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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DO NOT GIVE SOLUTION IN IMAGE
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