Concept explainers
(a)
Accounts payable: The accounts payable is a liability account and it records the amount which is due by the business to the suppliers.
To determine: The ending balance of accounts payable.
(b)
Accounts receivable: The accounts receivable is an asset account and it records the balances which are to be received by the company in future for the goods and services provided by it.
To determine: the ending balance of accounts receivable.
(c)
Cash: The cash account is an asset account which is held by the business to pay off its liabilities and expenses.
To determine: the ending balance of cash
(d)
Inventory: Inventory account is an asset account and it refers to the raw materials, work-in-progress and the finished goods in the business.
To determine: the ending balance of inventory.
(e)
Sales revenue: The sales revenue is an asset account and it records the income from the sale of goods and services.
To determine: the ending balance of sales revenue.
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Accounting Principles, Volume 2: Chapters 13 - 26
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