On scrap paper, post the above journal entries to their respective t-accounts. You may assume the "Cash" account has a beginning balance of $50,000. Since the company has paid the supplier in full by April 15, is the "Account Payable" balance equal to zero?

BANK  

DR BALANCE                   50 000

      CR ACCOUNTS PAYABLE      15 000

ACCOUNTS PAYABLE  

DR BANK                       15 000

     CR CREDITORS CONTROL     15 000

Since no figures are given, we use $15 000 as an example to show how much a creditor was owed and has been paid.  

Since the creditor has been paid in full, the accounts payable is now at $0 at the end of the month.  

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