Select best answer. If the A/P account balance has increased on the Trial Balance, that means......
Select best answer.
If the A/P account balance has increased on the Trial Balance, that means...
A) inventory or services have been purchased.
B) your sales have dropped.
C) inventory has been returned.
D) your electric bill was lower.
Homework Answers
A.) Inventory or services have been purchased.
(A/P means Accounts Payable reflect inventory or services purchased on credit basis and for which payment to be made to the supplier for purchase of inventory or services. Account payable is the amount owed by an entity to its vendors/suppliers for inventory or services received.
If A/P account balance increased in Trial Balance it means that the company has purchased inventory or services on credit for which payment is yet to be made to supplier.
Sales and electric bill has no relation with A/P account balance.
Return of inventory will result in decrease of A/P account balance.)
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If the A/P account balance has increased on the Trial
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information. Assume all accounts have normal balances.
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Cash
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Accounts Receivable
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Supplies
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Equipment
33,500
Building
156,000
Land
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Accounts Payable
3,600
Notes Payable
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Common Stock
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Retained Earnings
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Dividends
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Fees Earned Revenue
225,430
Salaries Expense
151,900
Miscellaneous Expense
5,123
$485,136
$485,136
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Fees Earned Revenue
Accounts Receivable
45,333...
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representation of what a Trial Balance would look like using this
information. Assume all accounts have normal balances.
Trial Balance (A)
Cash
$50,480
Accounts Receivable
45,333
Supplies
6,800
Equipment
33,500
Building
156,000
Land
18,000
Accounts Payable
3,600
Notes Payable
85,500
Common Stock
110,000
Retained Earnings
60,606
Dividends
18,000
Fees Earned Revenue
225,430
Salaries Expense
151,900
Miscellaneous Expense
5,123
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Fees Earned Revenue
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