At October 1, 2014, Padilla Industries had an accounts payable balance of $60,000. During the month, the company made purchases on account of $50,000 and made payments on account of $80,000. At October 31, 2014, the accounts payable balance is
A) $60,000.
B) $20,000.
C) $30,000.
D) $80,000.

Question

Quizplus · Accepted Answer

Starting balance: $60,000
Add purchases: +$50,000
Total: $110,000
Subtract payments: -$80,000
Final balance: $30,000

At October 1, 2014, Padilla Industries Had an Accounts Payable