Question
Better Than That Corp. (BTT) has an accounts payable balance of $18,421 as of July 1, 2021. During July, the firm had the following transactions:
Better Than That Corp. (BTT) has an accounts payable balance of $18,421 as of July 1, 2021. During July, the firm had the following transactions:
Purchased $8,102 worth of supplies on account.
Prepaid $1,050 in cash for August’s rent
Received $3,944 in cash from customers for services to be provided in August
Provided services worth $4,440 to customers on account.
Paid creditors $10,971 for supplies previously purchased on account.
Received $1,091 in cash from customers for services previously provided on account in June.
What was the balance of the company’s Accounts Payable account as of July 31st, 2021 following these transactions?
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College Accounting A Contemporary Approach
Authors: David Haddock, John Price, Michael Farina
3rd edition
77639731, 978-0077639730
