A business has the following transactions: The business is started by receiving

Question

A business has the following transactions: The business is started by receiving $25,000 from the owner. The business purchased $700 of office supplies on account and $2,500 of furniture on account. The business rendered services to various clients totaling $10,000 on account. It paid $5,000 as salaries expense and $6,000 as rent expense. It paid $1,000 to a supplier for the office supplies purchased earlier. It collected $3,000 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. What will the Accounts Payable ledger account appear as?

Explanation / Answer

Calculate account payable ledger account appear as

Date Detail Debit credit Balance Office supplies 700 700 Furniture 2500 3200 Cash 1000 2200

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