# On December 31, Year 1, Accounts Payable had a balance of \$10,000

On December 31, Year 1, Accounts Payable had a balance of \$10,000

Question 6                                                                                                                                          1.5 out of 1.5 points

Don't use plagiarized sources. Get Your Custom Essay on
On December 31, Year 1, Accounts Payable had a balance of \$10,000
Just from \$5/Page

On December 31, Year 1, Accounts Payable had a balance of \$10,000. During Year 2, there were \$500,000 purchases on account and \$490,000 payments of Accounts Payable. The December 31, Year 2, balance must equal \$______. Do not include a \$ in your answer.

Question 7                                                                                                                          1.5 out of 1.5 points

When a company makes a payment for amounts owed from prior purchases of inventory, it will record a debit to ______ and a credit to ______.

Question 8                                                                                                                                          1.5 out of 1.5 points

The credit side of the Retained Earnings T-Account will include which of the following after recording the closing entries?

Revenues for the month.

Retained Earnings balance at the end of the month.

Question 9                                                                                                                                          1.5 out of 1.5 points

Record the entry for the sale and the cost of the sale of merchandise to a customer on account for \$800, which cost \$500, by selecting which accounts are debited and which are credited.

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors:
Number of pages
Urgency
Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

### Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

### Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.