The balance in Bonita Industries's accounts payable account at December 31, 2020 was $984000 before any necessary year-end adjustments relating to the following: ?Goods were in transit to Bonita from a vendor on December 31, 2020

Accounting Nov 23, 2020

The balance in Bonita Industries's accounts payable account at December 31, 2020 was $984000 before any necessary year-end adjustments relating to the following:

?Goods were in transit to Bonita from a vendor on December 31, 2020. The invoice cost was $45000. The goods were shipped f.o.b. shipping point on December 29, 2020 and were received on January 4, 2021?Goods shipped f.o.b. destination on December 21, 2020 from a vendor to Bonita were received on January 6, 2021. The invoice cost was $30000?On December 27, 2020, Bonita wrote and recorded checks to creditors totaling $35000 that were mailed on January 10, 2021.

In Bonita's December 31, 2020 balance sheet, the accounts payable should be

$1019000.

$1029000.

$1059000.

$1064000.

Expert Solution

So, the correct option is 4th "$1,064,000".

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