Problem: The following accounts and balances were drawn from the records of Your Company on December 31, 2018:
|
Cash
|
$6,000
|
Retained earnings
|
$9,000
|
|
Equipment
|
$8,000
|
Prepaid supplies
|
$1,000
|
|
Accounts Payable
|
$????
|
Notes Payable
|
$10,000
|
|
Common Stock
|
$2,000
|
Land
|
$7,500
|
What was the balance in the accounts payable account on December 31, 2018?
A. $6,000.
B. $4,500.
C. $3,500.
D. $11,500.
E. $1,500.