Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries

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Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000.
A. February 2, purchased an asset, merchandise inventory, on account, $30,000
B. March 10, paid creditor for part of February purchase, $12,000

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Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

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