The Accounts Payable account has a $3,000 credit balance.An entry for the payment of $1,000 on the amount owed is recorded and posted.The new balance of the Accounts Payable account is

Question

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A payment of $1,000 reduces the credit balance in the Accounts Payable account by $1,000. Therefore, the new balance would be $3,000 - $1,000 = $2,000, which is a credit balance. The correct answer is choice A.

The Accounts Payable Account Has a $3,000 Credit Balance