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Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to record the starting balances and organize the offsetting entries for
Consider the following account starting balances and journal transactions involving these accounts. Use T-accounts to record the starting balances and organize the offsetting entries for the transactions.
The starting balance of Accounts Payable is $1,200 The starting balance of Cash is $9,000 The starting balance of Debt is $3,600 The starting balance of Inventory is $5,100
Date | Accounts and Explanation | Debit | Credit |
---|---|---|---|
Feb 10 | Inventory | 15 | |
Accounts Payable | 15 | ||
Bought manufacturing supplies on credit | |||
Feb 11 | Cash | 65 | |
Debt | 65 | ||
Borrowed money from bank | |||
Feb 12 | Accounts Payable | 7 | |
Cash | 7 | ||
Paid money owed to supplier |
What is the final amount in Accounts Payable?
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