The beginning balance in accounts payable on company a's year 2 balance sheet is $180,000. the company purchase on account inventory of $200,000 during year 2, and paid suppliers $40,000 in cash.
What is the beginning balance in accounts payable on the year 3 balance sheet?
Assuming no other transactions affected the account during the year.
Hint: you may find it helpful to use a t-account as you work through this question. 1 point $160,000 $340,000 $380,000 $20,000