If the Accounts Payable Subsidiary Ledger Shows the Following Balances

question 29

Multiple Choice

If the accounts payable subsidiary ledger shows the following balances on 31 July 2014, what is the balance in the accounts payable control account on the same date? (Assuming recording and balancing of accounts payable records are up to date.)
Wilson $ 9320
Watson $6255
Zhang $ 700

• A) $0
• B) $16 275 Dr
• C) $16 275 Cr
• D) Cannot be calculated from the information given

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Definitions:

Cash Receipts Journal

A dedicated financial journal that tracks all cash inflows to a business, detailing the source and amount of cash received.

Cash Sales

Transactions where payment is made in cash at the time of the sale.

Cash from Sale

The cash received from selling goods or services.

Cash Receipts Journal

A financial journal that records all cash transactions, including sales and received payments, entering a business.