What is the corrected value of Accounts Payable? Show complete solution

P4-17 Mr. Rolando Dominguez opened his RD Power Promotions Agency on January 1, 2012. His records showed the following ledger balances on December 31, 2012 Debit Credit P 9,250 P 2,600 2,700 34,400 Accounts Payable Accounts Receivable Cash Advertising Fees Earned Advertising Supplies Used Electricity Expense Gas & Water Expense Miscellaneous Expense Rent Expense Salary Expense Telephone Expense Office Equipment Dominguez, Capital Dominguez, Personal Notes Payable Totals 400 800 200 400 3.680 10,560 240 20,700 10,000 1.450 P43.330 1,666 P55,710 The following errors were discovered: a. Collected and recorded an account of a customer for P500 but posted to the Accounts Receivable ledger for P5,000. 155 Chapter 4 - The Accounting Cycle of a Service Business Part 1: Journalizing. Posting and Trial Balance b. A note payable for medical equipment bought for P2,500 was posted by the accountant to the accounts payable account. c. Telephone expense recorded at P500 was not posted to the ledger. d. A debit to Dominguez, Personal for P1,750 was debited to the capital account. e. Advertising Fees Eamed of P500 was posted twice. f. Footing for cash on the debit side was understated by P450. & Accounts Payable paid amounting to P4,065 was posted on the credit side. h. Advertising Supplies used was copied in the trial balance on the credit side