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Assume the following account balances Accounts Payable $35,000 Accounts 45,000 Receivable Bank Loan 60,000 Cash 30,000 Equipment 23,000 Land 13,000 Common Stock 5,000 Unused Supplies 3,000

Assume the following account balances Accounts Payable $35,000 Accounts 45,000 Receivable Bank Loan 60,000 Cash 30,000 Equipment 23,000 Land 13,000 Common Stock 5,000 Unused Supplies 3,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume the following account balances Accounts Payable $35,000 Accounts 45,000 Receivable Bank Loan 60,000 Cash 30,000 Equipment 23,000 Land 13,000 Common Stock 5,000 Unused Supplies 3,000 During the month the company paid its suppliers $23,000 and purchased more supplies equal to $10,000 to be paid in 30 days. What is the balance owing to its suppliers? $78,000 credit O $68,000 debit O $22,000 credit $22,000 debit
Transcribed Image Text:Assume the following account balances Accounts Payable $35,000 Accounts 45,000 Receivable Bank Loan 60,000 Cash 30,000 Equipment 23,000 Land 13,000 Common Stock 5,000 Unused Supplies 3,000 During the month the company paid its suppliers $23,000 and purchased more supplies equal to $10,000 to be paid in 30 days. What is the balance owing to its suppliers? $78,000 credit O $68,000 debit O $22,000 credit $22,000 debit
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