Pace Associates,a Small Consulting Firm,charges All of Its Expenses on Accounts

question 100

Multiple Choice

Pace Associates,a small consulting firm,charges all of its expenses on accounts payableAccounts Payable.On January 1,2014,Pace's accounts payableAccounts Payable balance was $1,500 at the beginning of the year.Duringand,during the year,an additional $13,500 of expenses were charged incurred on account in the amount of $13,500.The ending accounts payableAccounts Payable balance was $3,500.What is the amount of cash paid for expenses during the year2014?

• A) $17,000
• B) $11,500
• C) $10,500
• D) $15,500

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