Question

During the month of July, the Scolari Corporation received $60,000 in investments from owners, paid $25,000 cash for supplies, and purchased $10,000 of supplies on account. The ending balance in the accounts payable account for the month of July is ________.

Answer 1

account payable 10,000

Step-by-step explanation:

The account payable will be the account to represent the amount owed to suppliers.

It increase when the company purchase on account and it decrease when the comapny generally use cash to pay it. Anyway, there is also teh posibility to roll-over to another form of bet (note payable, bonds) or assets (real state) or equity (stocks fro mthe company)

In this case the purchase on account are for 10,000

So that will be the account payable balance at the end of july.