The Correct answer is option B i.e. 59,000
The same is illustrated below
Inventories Account | |||||
Date | Particulars |
Amount (in $) Debit |
Date | Particulars |
Amount (in $) Credit |
01-01-2017 | To balance b/d | 26,000 | 31-12-2017 | By Cost of Goods sold | 60,000 |
To Accounts payable (Purchases) | 58,000 | ||||
(Balancing Figure) | |||||
31-12-2017 | By balance b/d | 24,000 | |||
84,000 | 84,000 | ||||
Accounts Payable Accounts | |||||
Date | Particulars |
Amount (in $) Debit |
Date | Particulars |
Amount (in $) Credit |
01-01-2017 | By balance b/d | 26,000 | |||
To Cash | 59,000 | By Inventory (purchases) | 58,000 | ||
(Balancing Figure) | |||||
31-12-2017 | To balance b/d | 25,000 | |||
84,000 | 84,000 | ||||
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Relevant account balances for Martinez Corporation are: 12/31/17 $18,000 24,000 1.500 25.000 101/17 $14,000 26,000 2,100...