A Business Has the Following Transactions: the Business Received $16,000 $$\begin{array} { r | r r } \hline 700 & 700 & \\& 2,000 & \\\hline & 2,000 & \text { Bal. }\end{array}$$

question 3

Multiple Choice

A business has the following transactions: The business received $16,000 cash and issued common stock to stockholders.
The business purchases $700 of office supplies on account.
The business purchases $2,000 of furniture on account.
The business performs services to various clients totaling $13,000 on account.
The business pays out $3,000 for salaries expense and $3,500 for rent expense.
The business pays $700 to a supplier for the office supplies purchased earlier.
The business collects $1,000 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. Accounts Payable will appear as
Which of the following?

• A) Accounts Payable \[\begin{array} { r | r r } \hline 700 & 700 & \\ & 2,000 & \\ \hline & 2,000 & \text { Bal. } \end{array}\]
• B) Accounts Payable
• C) Accounts Payable \[\begin{array} { r r | r | } & 700 & \\ & 2,000 & \\ & & 700 \\ \hline \text { Bal. } & 2,000 & \\ \hline \end{array}\]
• D) Accounts Payable

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