On February 1, 2024, Entity J reported a normal balance in accounts payable of $4,500. During February 2024, the company purchased merchandise on credit from vendors for $7,000. It also paid these vendors $11,000 on account. What is the accounts payable balance at the end of February? Hint: Prepare a T account. $500 credit balance. OO $8,500 credit balance. $8,500 credit balance. $500 debit balance. S

3.3 points On February 1, 2024, Entity J reported a normal balance in accounts payable of $4,500. During February 2024 , the company purchased merchandiso on credit from vendors for $7,000. It also paid these vendors $11,000 on account. What is the accounts payable balance at the end of February? Hint: Prepare a T account. $500 credit balance. $8,500 credit balance: $8,500 credit balance $500 debit balance