If Grant started the month with $20 of accounts payable, what is the company's amount of accounts payable at the end of the month?
Homework Answers
Given- Opening balance of Accounts Payable = $ 20
To find - Amount of Accounts Payable at the end of the month.
Solution- Let’s consider T account of
Accounts Payable
DR. CR
Decreased by Opening balance ($30) ($20)
Ending Balance Increased by
($40) ($ 50 )
Answer- Ending balance of Accounts Payable is $ 40.
Note-* Increased by ($50) is taken from entry number 3
* Decreased by ($30) is taken from entry number 7
* Opening balance is written on CR side because liabilities have credit balance.
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