Kaufman Company had a beginning normal balance of $15,000 in the accounts payable account. The accountant...
Kaufman Company had a beginning normal balance of $15,000 in the accounts payable account. The accountant posted a $5,000 credit on May 6, a $2,500 credit on May 14, and a $8,000 debit on May 26. What is the balance of accounts payable in the general ledger?
Select one:
a. $14,500 credit
b. $15,500 credit
c. $4,500 debit
d. $15,500 debit
Homework Answers
Ending balance of accounts payable = Beginning balance of accounts payable + Credit balances - Debit balances
= $15,000 + ($5,000 + $2,500) - $8,000
= $15,000 + $7,500 - $8,000
= $14,500 credit
Option A is the correct answer.
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