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2 December, 08:30

At October 1, 2015, Padilla Industries had an accounts payable balance of $40,000. During the month, the company made purchases on account of $33,000 and made payments on account of $48,000. At October 31, 2015, the accounts payable balance i

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  1. 2 December, 11:08
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    The amount of account payable on October 31, 2015 would be $25,000.

    Explanation:

    Given information -

    Opening account payable balance on October 1 - $40,000

    Purchase made in the month of October is - $33,000

    Now by adding both the opening balance and purchase, we will get the total amount to be payable for the month of October,

    $40,000 + $33,000

    = $73,000

    Now it is given that Padilla industries have made some payments on account - $48,000

    Subtracting this amount paid from total account payable, we will get how much amount is left to be paid in October (31)

    $73,000 - $48,000

    = $25,000
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