Payables on statement of financial position ( video below)

The balance on ABC Co’s payables ledger control account is $63,108. The accountant at ABC Co has discovered that she has not recorded:

A settlement discount of $108  received from a supplier; and

A supplier’s invoice for $1,244.

What amount should be reported for payables on ABC Co’s statement of financial position?

Answer

Balance per ledger        $63,108

Discount                          ($108 )

Invoice                              $1,244

Corrected balance         $64,244

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