The Controller for Tires and More,Inc

question 71

Multiple Choice

The controller for Tires and More,Inc.has recorded the following transactions during the month: the purchase of supplies on credit,$4,200;receipt of a bill for utilities for the month which is due on the 15th of the next month,$1,200;and,partial payment on the balance due for supplies,$800.What is the balance in the Accounts Payable account at the end of the month assuming a beginning balance of $0,and is the balance a debit or a credit?

• A)$4,600 debit.
• B)$4,600 credit.
• C)$3,400 credit.
• D)$5,400 credit.

---

Definitions:

Market Equilibrium

The condition in a market where the quantity of a product demanded by consumers equals the quantity supplied by producers, resulting in a stable price.

Good

A tangible product that satisfies human wants or needs and can be transferred or traded.

Sellers

Sellers refer to individuals or entities that offer goods or services for sale to consumers or other businesses in the market.

Buyers

Participants in the market who purchase goods or services for consumption or investment.