The Accounts Payable account of Waterford, Inc. has the following postings: $$\begin{array} { l | l }
{ \text { Accounts Receivable } } \
\hline 17,000 & 27,000 \
8,000 & 12,000 \
&
\end{array}$$ Calculate the ending balance of the account.

Question

The Accounts Payable account of Waterford, Inc. has the following postings: $$\begin{array} { l | l } 
 { \text { Accounts Receivable } } \
\hline 17,000 & 27,000 \
8,000 & 12,000 \
&
\end{array}$$ Calculate the ending balance of the account.

Quizplus · Accepted Answer

To calculate the ending balance, we need to add up all the postings:
+ 20,000 (debit)
- 6,000 (credit)
- 14,000 (debit)
------------------------
= 0 (or $0)

Since the total debits and credits are equal, the ending balance is zero, which means the account is fully paid and has a credit balance of $14,000. Therefore, the correct answer is C.

The Accounts Payable Account of Waterford, Inc Accounts Receivable 17,00027,0008,00012,000\begin{array} { l | l } { \text { Accounts Receivable } } \\\hline 17,000 & 27,000 \\8,000 & 12,000 \\&\end{array} Accounts Receivable 17,0008,000​27,00012,000​​

The Accounts Payable Account of Waterford, Inc $\begin{array} { l | l } { \text { Accounts Receivable } } \\\hline 17,000 & 27,000 \\8,000 & 12,000 \\&\end{array}$