At October 1, 2014, Metz Industries Had an Accounts Payable

question 7

Multiple Choice

At October 1, 2014, Metz Industries had an Accounts Payable balance of $70,000. During the month, the company made purchases on account of $50,000 and made payments on account of $80,000. At October 31, 2014, the Accounts Payable balance is

• A) $70,000 debit
• B) $10,000 credit
• C) $40,000 credit
• D) $80,000 credit

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Definitions:

Antibiotics

Medicinal substances used to treat bacterial infections by killing or inhibiting the growth of bacteria.

Analgesics

Medications or substances used to reduce or eliminate pain.

Mucous Membranes

Moist tissue lining several parts of the body such as the nose, mouth, throat, and lungs, that secrete mucus.

Polyps

Abnormal growths of tissue that protrude from mucous membranes, commonly found in the colon, nose, or uterus.