Question $11(9\mathrm{.}09$ points$)$

UMPI Corp.$\text{'}$s $\frac{A}{P}$ a at $\frac{12}{31}\frac{?}{17},$ totaled $$800,000$ before an adjusting year end entries are made relating to the following transactions:

On December $27,2017,$ UMPI wrote and recorded checks to creditors totaling $$450,000$ causing it to create an overdraft of $$50,000($upon checks clearing$)$ in UMPI's bank account at December $31,2017.$ The checks were mailed out on January $10,2018.$ They wanted to hold the checks until after year end because they knew there wasn't enough money in the account to cover them.

On December $28,2017,$ UMPI purchased and received goods for $$145,500,$ terms $\frac{2}{10},\frac{n}{30}.$ UMPI records purchases and accounts payable at net amounts. The invoice was recorded and paid January $3,2018.$

Goods shipped f$.$o$.$b$.$ destination on December $20,2017$ from a vendor to UMPI were received January $2,2018.$ The invoice cost was $$75,000.$

What is the balance in A$/$P after it has been adjusted at year end?

$995,500$

$542,590$

$800,000$

$1,392,590$