At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the month, the company made purchases on account of $33900 and made payments on account of $47000. At October 31, 2021, the accounts payable balance is $122000. $54200. $28000. $39800.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the
month, the company made purchases on account of $33900 and made payments on account of
$47000. At October 31, 2021, the accounts payable balance is
$122000.
$54200.
$28000.
$39800.
Teuth
O O
Transcribed Image Text:At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the month, the company made purchases on account of $33900 and made payments on account of $47000. At October 31, 2021, the accounts payable balance is $122000. $54200. $28000. $39800. Teuth O O
Expert Solution
Step 1

Accounts payable (AP) are amounts owed to vendors or suppliers for goods or services not yet paid for. The accounts payable balancing act on the company's balance sheet is the total of all outstanding amounts owed to vendors.

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