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The company quickly acquired $42,000 in inventory, 70% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days.
（I know that the inventory should be 42000，but what should be the dollar amount of cash and accounts payable？）


Transaction 2 The company quickly acquired $42,000 in Account: Inventory Account: Cash Account: Acceunts Payable ve tory, 70% of which was paid for n cash. The rest was acquired on open accounts that were payable after30 days, Dollar amount: 42000 Dollar amount: 12000 Dollar amount: 29400 Dollar amount: Dollar amount: Account: Leave an Dollar amount: Faew.oman Fein«Leave%20Bank Account: Leave Blank Fan-Leave%20Bank
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Answer #1

Inventory = $42,000

70% of the inventory was paid in cash

Hence, cash paid for inventory = 42,000 x 70%

= $29,400

Hence, accounts payable balance = 42,000 - 29,400

= $12,600

Inventory $42,000
Cash $29,400
Accounts payable $12,600
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