Your payables control account has a balance at 1 October 20X6 of $8,625 credit. During October, credit purchases were $19,600, cash purchases were $600 and payments made to suppliers, excluding cash purchases, and after deducting settlement discounts of $300, were $17,225. Purchase returns were $1,175.
What was the closing balance?
Answer
| $ | |
| Opening balance | 8,625 |
| Credit purchases | 19,600 |
| Discounts | (300) |
| Payments | (17,225) |
| Purchase returns | (1,175) |
| 9,525 |