Acme Enterprises began the year owing its suppliers $3,000 for merchandise purchased last year.Acme then sold half of this merchandise for $5,000 on account.Two weeks later,Acme paid its suppliers $1,000 and bought another $4,000 of merchandise on account.Acme now has an Accounts Payable balance of:
A) $11,000.
B) $6,000.
C) $1,000.
D) $4,500.

Question

Quizplus · Accepted Answer

Acme started with $3,000 in Accounts Payable, paid $1,000, and then purchased $4,000 more, resulting in a balance of $6,000.

Acme Enterprises Began the Year Owing Its Suppliers $3,000 for Merchandise