The balance in ROC Co.'s accounts payable account at December 31, 2020 was $1,050,000 before...
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Accounting
The balance in ROC Co.'s accounts payable account at December 31, 2020 was $1,050,000 before any necessary year-end adjustments relating to the following:
Goods were in transit to ROC from a vendor on December 31, 2020. The invoice cost was
$60,000. 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 ROC were received on January 6, 2021. The invoice cost was $20,000.
On December 27, 2020, ROC wrote and recorded checks to creditors totaling $45,000 that were mailed on January 10, 2021.
In ROC's December 31, 2020 balance sheet, the accounts payable should be?
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