If Beginning Accounts Payable Is $10,000 and the Purchases on Account

question 211

Multiple Choice

If beginning Accounts Payable is $10,000 and the purchases on account are $100,000 and payments made on account were $80,000 during the period,then the ending Accounts Payable balance is:

• A)$30,000 credit
• B)$20,000 credit
• C)$20,000 debit
• D)$30,000 debit

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Definitions:

Assets

Economic resources or valuable items that an individual, corporation, or country owns or controls with the expectation that it will provide future benefits.

Rate of Return

The gain or loss of an investment over a specified period, expressed as a percentage of the investment's initial cost.

Required Share

The portion of equity that must be offered to existing shareholders when new shares are issued.

Ownership

The state or fact of possessing something, often referring to the holding of assets or property.