2) Allan, Inc. is preparing its financial statements for the year ended December 31, 2019. Accounts...
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2) Allan, Inc. is preparing its financial statements for the year ended December 31, 2019. Accounts payable amounted to P360,000 before any necessary year-end adjustment related to the following: • At December 31, 2019, Allan has a P50,000 debit balance in its accounts payable to Therese, a supplier, resulting from a P50,000 advance payment for goods to be manufactured to Allan's specifications. • Checks in the amount of P100,000 were written to vendors and recorded on December 29, 2019. The checks were mailed on January 5, 2020. What amount should Allan report as accounts payable in its December 31, 2019, balance sheet? C. 310,000 D. 210,000 A. 510,000 B. 410,000 2) Allan, Inc. is preparing its financial statements for the year ended December 31, 2019. Accounts payable amounted to P360,000 before any necessary year-end adjustment related to the following: • At December 31, 2019, Allan has a P50,000 debit balance in its accounts payable to Therese, a supplier, resulting from a P50,000 advance payment for goods to be manufactured to Allan's specifications. • Checks in the amount of P100,000 were written to vendors and recorded on December 29, 2019. The checks were mailed on January 5, 2020. What amount should Allan report as accounts payable in its December 31, 2019, balance sheet? C. 310,000 D. 210,000 A. 510,000 B. 410,000
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