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

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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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