Question

The balance in Accounts Payable at the beginning of the accounting period was $22,100 and the balance at the end of the period was $30,300. During the period, purchases on account were $90,800. Payments on account were

Answer 1

Answer: $‭82,600‬

Explanation:

Payments on account refer to the Accounts payable that have already been paid off. As they have been paid, they will be removed from the Accounts Payable account.

Formula:

= Accounts Payable beginning balance + Purchases on account - Closing balance on accounts payable

= 22,100 + 90,800 - 30,300

= $‭82,600‬