Question: Problem 10-14 and 10-15 With solution, clear formatting and explanation please. ASAP. Thank you Problem 10-15 (AICPA Adapted) Black Company reported accounts payable on December


Problem 10-14 and 10-15 With solution, clear formatting and explanation please. ASAP. Thank you


Problem 10-15 (AICPA Adapted) Black Company reported accounts payable on December 31, 2020 at P4,500,000 before any necessary year-end adjustments relating to the following transactions: * On December 27, 2020, Black Company wrote and recorded checks to creditors totaling P2,000,000 causing an overdraft of P500,000 in Black Company's bank account on December 31, 2020. The checks were mailed out on January 10, 2021. * On December 28, 2020, Black Company purchased 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, 2021. * Goods shipped FOB destination, 5/10, n/30 on December 20, 2020 from a vendor to Black Company were received January 15, 2021. The invoice cost was P325,000. On December 31, 2020, what amount should be reported as accounts payable? a. 7,575,000 b. 7,250,000 C. 7,235,000 d. 7,553,500Problem 10-14 (AICPA Adapted) Kew Company reported accounts payable on December 3] 2020 at P2, 200,000 before considering the following data: Goods shipped to Kew FOB shipping point on December 22, 2020 were lost in transit. The invoice cost of P40,000 was not recorded by Kew. On January 7, 2021, Kew filed a P40,000 claim against the common carrier. . On December 27, 2020, a vendor authorized Kew to return for full credit goods shipped and billed at P70,000 on December 15, 2020. The returned goods were shipped by Kew on December 28, 2020. A P70,000 credit memo was received and recorded by Kew on January 5, 2021. . On December 31, 2020, Kew has a P500,000 debit balance in accounts payable to Ross, a supplier, resulting from a P500,000 advance payment for goods to be manufactured. What amount should be reported as accounts payable on December 31, 2020? a. 2, 170,000 b. 2,680,000 C. 2,730,000 d. 2,670,000
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