Please give a step by step explanation of how to calculate the balance for the account depicted in the image below.

Accounts Payable May 2 7,000 21,000 May 1 May 22 13,500 1,100 May 5 7,000 May 15 250 May 23 Calculate the Accounts Payable balance. (Enter the balance, along with a "Bal." reference on the correct side of the Taccount.) Accounts Payable % May 2 7,000 21,000 May 1 May 22 13,500 1,100 May5 7,000 May 15 250 May 23