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Accounting

Dole Corp.'s accounts payable at December 31, 2010, totaled $800,000 before any necessary year-end adjustments relating to the following transactions:

• On December 27, 2010, Dole wrote and recorded checks to creditors totaling $350,000 causing an overdraft of $100,000 in Dole's bank account at December 31, 2010. The checks were mailed out on January 10, 2011. • On December 28, 2010, Dole purchased and received goods for $150,000, terms 2/10, n/30. Dole records purchases and accounts payable at net amounts. The invoice was recorded and paid January 3, 2011.

• Goods shipped f.o.b. destination on December 20, 2010 from a vendor to Dole were received January 2, 2011. The invoice cost was $65,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9450478

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