Acme Enterprises began the new year owing its suppliers $3,000 for merchandise purchased last year. Acme then sold half of this merchandise for $5,000 on account. Two weeks later, Acme paid its suppliers $1,000 and bought another $4,000 of merchandise on account. Acme now has an Accounts Payable balance of ______.

Last month Joe purchased some stock in Acme Software, Inc. Here are the details of the purchase:• The number of shares that Joe purchased was 1,000.• When Joe purchased the stock, he paid $45.50 per share.• Joe paid his stockbroker a commission that amounted to 2% of the amount he paidfor the stock.Two weeks later Joe sold the stock. Here are the details of the sale:• The number of shares that Joe sold was 1,000.• He sold the stock for $56.90 per share.• He paid his stockbroker another commission that amounted to 2% of the amount he received forthe stock.Write a program that displays the following information:• The amount of money Joe paid for the stock.• The amount of commission Joe paid his broker when he bought the stock.• The amount that Joe sold the stock for.• The amount of commission Joe paid his broker when he sold the stock.• Display the amount of profit that Joe made after selling his stock and paying the twocommissions to his broker. (If the amount of profit that your program displays is anegative number, then Joe lost money on the transaction.)

ABC Company maintains control accounts for Accounts Receivable and Accounts Payable, along with subsidiary ledgers for each. The following transactions occurred during the month of April: 1. April 1: Sold goods to XYZ Ltd on credit for K5,000. 2. April 5: Purchased inventory from DEF Inc. on credit for K3,000. 3. April 10: Received payment of K4,800 from XYZ Ltd. 4. April 15: Paid DEF Inc. K2,500 for the inventory purchased. 5. April 20: Sold goods to LMN Corp. on credit for K7,000. 6. April 25: Received payment of K6,500 from LMN Corp. 7. April 30: Issued a credit note of K200 to XYZ Ltd for returned goods. Prepare the Debtors Control and Creditors Control Accounts and update their respective subsidiary ledgers.

X-Mart purchased $300 of merchandise on account. Demonstrate the journal entry to record this transaction, under the periodic inventory system.Multiple choice question.Debit Merchandise Inventory $300 and credit Sales $300.Debit Purchases $300 and credit Accounts Payable $300.Credit Merchandise Inventory $300 and debit Accounts Payable $300.Debit Merchandise Inventory $300 and credit Accounts Payable $300.

$54,000 is owed to suppliers for inventory purchases at the beginning of the year and $44,000 is owed at the end of the year. If annual credit purchases of inventory are $160,000, the cash paid to suppliers for the year is:

A company purchased $3,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $900 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:Multiple ChoiceDebit Merchandise Inventory $2,300; credit Cash $2,300.Debit Cash $2,300; credit Accounts Payable $2,300.Debit Accounts Payable $2,300; credit Merchandise Inventory $46; credit Cash $2,254.Debit Accounts Payable $3,200; credit Cash $3,200.Debit Accounts Payable $2,300; credit Cash $2,300.