Question

During the month of March, Harley's Computer Services made purchases on account totaling $43,700. Also during the month of March, Harley was paid $8,300 by a customer for services to be provided in the future and paid $37,000 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $77,400, what is the balance in accounts payable at the end of March?

Answer 1

Answer:

$84.100

Explanation:

At the end of March, the balance of the account Accounts Payable was $84100, because:

Beginning Balance $77.400 + Purchases on Accounts $43.700 - Payments on Accounts $37.000 = Ending Bal ance $84.100

The account balance is always the net amount after factoring in all debits and credits.

Accounts payable are amounts due to vendors or suppliers for goods or services received that have not yet been paid for.

The sum of all outstanding amounts owed to vendors is shown as the accounts payable balance on the company's balance sheet.