Question

beginning accounts payable is $10,000. the purchases on account are $100,000 and payments made on account were $80,000 during the period. the ending accounts payable balance is: multiple choice $30,000 credit $20,000 credit $20,000 debit $30,000 debit

Answer 1

Credit of $30,000. Journals are specialized documents that accountants use to record their financial activities. The first place information is recorded into the accounting system is in a journal.

Because it is where data first enters the system, a journal is frequently referred to as the "book of original entry."

A journal maintains a historical record of all recordable transactions that the business has been involved in. In other terms, a journal is a type of business diary. We refer to the act of entering information into a journal as journalizing the entry. The second stage of the accounting cycle is journaling the entry.

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