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On June 1, 2021, Entity F reported a balance in accounts payable of $13,000. During June, the company made cash payments of $5,000 to its
On June 1, 2021, Entity F reported a balance in accounts payable of $13,000. During June, the company made cash payments of $5,000 to its creditors and purchased merchandise on account for $2,000. What is the accounts payable balance at the end of June? Hint: Prepare a T account.
a. $13,000 credit balance.
b. $10,000 credit balance.
c. $10,000 debit balance.
d. $6,000 credit balance.
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