Answer:
accounts payable 128,500
Explanation:
To answer we must determine how much is the amount of purchases needed for the month of June.
It is not interesting the debt that is generated in previous months since they are paid in full, so in May the purchases of the month of May will already be canceled, so they will not impact the suppliers account.
June
Purchases= 190,000 x 0.85 + (inventory cost of sales of the month) + 80,000 (inventory at the end of the month) + 260,000 x 10% (inventory at the end of the month) = 276,500,
But according to the company's policy at the beginning of the month the inventory was equal to
80,000 + 190,000x10% (June sales) = 99,000
So the purchases necessary to meet the costs of sale and comply with the policy of the owner at closing is the same
267.500(inventory needed) - 99.000(
initial existence) = 168.500
<u>the record will be
</u>
Inventory 168,500
Cash 43,810
accounts paylable 124,690
