The Accounts Payable account has a beginning balance of $12,000 and the company purchased $50,000 of supplies on account during the month.The ending balance was $10,000.How much did the company pay to creditors during the month?
A)$50,000.
B)$52,000.
C)$60,000.

Question

Quizplus · Accepted Answer

To find out how much the company paid to creditors during the month, we need to calculate the total amount of accounts payable for the month. We can do this by adding the beginning balance and the purchases on account, and then subtracting the ending balance. 
Accounts Payable for the month = Beginning Balance + Purchases on Account - Ending Balance 
Accounts Payable for the month = $12,000 + $50,000 - $10,000 
Accounts Payable for the month = $52,000 
Therefore, the company paid $52,000 to creditors during the month.

The Accounts Payable Account Has a Beginning Balance of $12,000