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6. At the end of the month of January you reconciled your credit card account. All of the transactions reconciled and you were able to
6. At the end of the month of January you reconciled your credit card account. All of the transactions reconciled and you were able to get your reconciliation to balance to $0. You want to go ahead and pay the bill to the credit card company, but the bill does not appear in the list of possible bills you can pay when you select Pay Bills from the Create icon. The credit card bill was for $850.00. Below is the liability section of your balance sheet. Since you have already reconciled the account, how can you pay the bill?
Student Company Balance Sheet As of January 31, 20x1 Total 1,602.67 850.00 370.94 $ 2,823.61 LIABILITIES AND EQUITY Liabilities Current Liabilities 200 Accounts Payable (A/P) 205 Mastercard 230 Sales Tax Payable Total Current Liabilities Long-Term Liabilities 260 Notes Payable Total Long-Term Liabilities Total Liabilities Equity 310 Retained Earnings Net Income Total Equity TOTAL LIABILITIES AND EQUITY 5,000.00 $ 5,000.00 $ 7,823.61 12,756.00 1,642.46 $ 14,398.46 $ 22,222.07Step by Step Solution
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