Ask Question
26 September, 09:40

Accounts Payable had a balance of $18,310 at the beginning of the month. During the month, three debits in the amounts of $4,590, $11,190, and $14,690 were posted to Accounts Payable, and three credits in the amounts of $3,710, $9,610, and $12,810 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account

+4
Answers (1)
  1. 26 September, 10:14
    0
    Closing balance of accounts payables $ 13,970

    Explanation:

    Computation of Ending balance of accounts payable

    The ending balance = Opening balance - Account Payables + Credits (Accounts payables) - Debits (Accounts Payable)

    Opening balance - Accounts Payable $ 18,310

    Add: Credits in account payable

    ($3,710 + $ 9,610 + $ 12,810) $ 26,130

    Less: Debits in accounts payable

    ($ 4,590 + $ 11,190 + $ 14,690) $ (30,470)

    Closing balance in Accounts payables $ 13,970

    The normal balance of accounts payable which is a liability account is a credit, therefore further credits which are increasing liabilities are added and debits which are reductions are subtracted.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Accounts Payable had a balance of $18,310 at the beginning of the month. During the month, three debits in the amounts of $4,590, $11,190, ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers