Closing balance for payables control account ( video below)

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 

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