If
Accounts Payable had a balance of $18,340 at the beginning of the
month, and the six amounts shown below were posted to this account, what
should be the ending balance?
Three debits posted to Accounts Payable this month: $4,560, $11,160, and $14,660.
Three credits posted to Accounts Payable this month: $3,740, $9,640, and $12,840.
$4,160. | |
$22,500. | |
$48,720. | |
$14,180. |
Accounts
payable is a liability account which means it has a normal credit
balance and is increased by credits and decreased by debits.
|
$18,340 – $4,560 – $11,160 – $14,660 + $3,740 + $9,640 + $12,840 = $14,180.
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