Accounts Payable Had a Balance of $18,200 at the Beginning

question 31

Multiple Choice

Accounts Payable had a balance of $18,200 at the beginning of the month.During the month,three debits in the amounts of $4,700,$11,300,and $14,800 were posted to Accounts Payable,and three credits in the amounts of $3,600,$9,500,and $12,700 were posted to Accounts Payable.What is the ending balance of the Accounts Payable account?

• A) $13,200.
• B) $5,000.
• C) $23,200.
• D) $49,000.

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Definitions:

Partnership

A lawful business setup where partners collaborate in management duties and share the financial gains.

Joint Venture

A joint venture is a business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task, which is usually limited in time and scope.

Partnership Law

The branch of law that governs the operations, rights, and obligations of parties in a partnership, including the formation, management, and dissolution of partnerships.

Written Contract

A legally binding agreement between two or more parties, explicitly detailed in a written document rather than agreed upon orally.