On December 31, Year 1, Accounts Payable had a balance of $10,000
Question 6 1.5 out of 1.5 points
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.
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