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

Question 54

Multiple Choice

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.

Correct Answer:

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