Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress The balance in Vaughn Manufacturing's accounts payable account at December 31, 2020 was $988000 before any necessary year-end adjustments relating to

image text in transcribed
Current Attempt in Progress The balance in Vaughn Manufacturing's accounts payable account at December 31, 2020 was $988000 before any necessary year-end adjustments relating to the following: . Goods were in transit to Vaughn from a vendor on December 31, 2020. The invoice cost was $36000. The goods were shipped fo.b, shipping point on December 29, 2020 and were received on January 4, 2021 Goods shipped fo.b, destination on December 21, 2020 from I vendor to Vaughn were received on January 6, 2021. The invoice cost was $21000 On December 27 2020, Vaughn wrote and recorded checks to creditors totaling $26000 that were mailed on January 10, 2021 In Vaughn's December 31, 2020 balance sheet the accounts payable should be $1050000 $1045000 $1014000 $1024000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Change Approaches And Perspectives

Authors: Chandana Alawattage, Danture Wickramasinghe

1st Edition

0415393329, 978-0415393324

More Books

Students also viewed these Accounting questions

Question

2. Do you agree that unions stifle creativity? Why or why not?

Answered: 1 week ago