A Business Has the Following Transactions: the Business Is Started $$\begin{array}{l}\text { Accounts payable }\\\begin{array} { r | r } \hline & 500 \\& 2,000 \\\hline& 2,500\end{array}\end{array}$$

question 150

Multiple Choice

A business has the following transactions: The business is started by receiving $20,000 from the owner.The business purchases $500 of supplies on account.The business purchases $2,000 of furniture on account.The business renders services to various clients totaling $9,000 on account.The business pays out $2,000 for Salary expense and $3,000 for Rent expense.The business pays $500 to supplier for the supplies purchased earlier.The business collects $1,500 from one of its clients for services rendered earlier in the month.At the end of the month,all journal entries are posted to the ledger.The Accounts payable account will appear as follows:

• A)
• \[\begin{array}{l}
• \text { Accounts payable }\\
• \begin{array} { r | r }
• \hline & 500 \\
• & 2,000 \\
• \hline& 2,500
• \end{array}
• \end{array}\]
• B)
• \[\begin{array}{l}
• \text { Accounts payable }\\
• \begin{array} { r | r }
• \hline & \\
• & 500 \\
• & 2,000 \\
• & 500 \\
• \hline & 3,000
• \end{array}
• \end{array}\]
• C)
• \[\begin{array}{l}
• \text { Accounts payable }\\
• \begin{array} { r | r }
• \hline 2,000 & \\
• 500 & \\
• & 500 \\
• \hline 2,000 &
• \end{array}
• \end{array}\]
• D)
• \[\begin{array}{l}
• \text { Accounts payable }\\
• \begin{array} { r | r }
• \hline & 500 \\
• & 2,000 \\
• 500 & \\
• \hline & 2,000
• \end{array}
• \end{array}\]

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Definitions:

Consumer Goods

Products that are purchased for consumption by the average consumer, including items such as food, clothing, and household products.

Military Goods

Products and services specifically designed, manufactured, and supplied to armed forces, including weapons, equipment, and military technology.

Economic Growth

An increase in the production of goods and services in an economy over a period of time.

Louisiana Purchase

The acquisition of the territory of Louisiana by the United States from France in 1803, significantly expanding the size of the nation.