Question

Accounts payable had a normal starting balance of $750. there were debit postings of $600 and credit postings of $350 during the month. The ending balance is?

Answer 1

The ending balance is $500.

Starting balance of accounts payable is $750 which means a credit balance of $750. There had been debit postings of $600 and credit postings of $350. Consequently the ending balance will be $500 credit ($750 credit - $600 debit + $350 credit).

Accounts payable (AP) are amounts due to carriers or suppliers for items or offerings obtained that have not yet been paid for. The sum of all outstanding quantities owed to companies is shown because of the debt payable stability on the organization's balance sheet.

The ending balance is the net residual balance in an account. It is usually measured at the end of a reporting length, as part of the closing system. Finishing stability is derived by including up the transaction totals in an account and then adding this total to the start balance.

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