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    lararshah's Avatar
    lararshah Posts: 1, Reputation: 1
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    #1

    Apr 15, 2013, 02:54 PM
    Accounts payable balance
    13. On June 1,2005 P Music has accounts payable of 45K. During the month, debits of 3K and credits of 11K were made to the account. At the end of June 2005, what was the accounts payable balance
    -debit balance of 53K
    -debit balance of 42K
    -credit balance of 53K
    - credit balance of 56 K

    I think the answer should be a credit balance of 53k. Is this correct? (+45, -3k, +11)
    Fidget1's Avatar
    Fidget1 Posts: 105, Reputation: 4
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    #2

    Apr 16, 2013, 10:24 AM
    Yes, it's 53k credit. A debit to accounts payable reduces the balance, and a credit to it increases the balance, so yes, 53k credit is correct.
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