How much is owed to suppliers?

Bar opening stock N10,000
Amount owed to bar suppliers at
the end the beginning of the year N10,000
Bar sales N50,000
Bar credit purchases N40,000
Payment to suppliers N30,000
Bar expenses N1,000
Bar closing stock N15,000

A. N50,000
B. N40,000
C. N30,000
D. N20,000

Correct Answer:

Option D – N20,000