South Korea Corp.'s accounts payable at December 31, 2020, totaled P650,000 before any necessary year-end adjustments relating to the following transactions: - On December 27, 2020, South Korea wrote and recorded checks to creditors totaling P350,000 causing an overdraft of P100,000 in South Korea's bank account at December 31, 2020. The checks were mailed out on January 10, 2021. - On December 28, 2020, South Korea purchased and received goods for P150,000, terms 2/10, n/30. South Korea records purchases at net. The invoice was recorded and paid January 3, 2021. - Goods shipped F.O.B. destination on December 20, 2020 from a vendor to South Korea were received January 2, 2020. The invoice cost was P65,000. At December 31, 2020, what amount should South Korea report as total accounts payable?
South Korea Corp.'s accounts payable at December 31, 2020, totaled P650,000 before any necessary year-end adjustments relating to the following transactions:
- On December 27, 2020, South Korea wrote and recorded checks to creditors totaling P350,000 causing an overdraft of P100,000 in South Korea's bank account at December 31, 2020. The checks were mailed out on January 10, 2021.
- On December 28, 2020, South Korea purchased and received goods for P150,000, terms 2/10, n/30. South Korea records purchases at net. The invoice was recorded and paid January 3, 2021.
- Goods shipped F.O.B. destination on December 20, 2020 from a vendor to South Korea were received January 2, 2020. The invoice cost was P65,000.
At December 31, 2020, what amount should South Korea report as total accounts payable?
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