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In: AccountingDetermine the financial statement effects of Accounts PayableTransactions, when ABC Company has the following items:...Determine the financial statement effects of Accounts PayableTransactions, when ABC Company has the following items:a. Purchases $2,500 of inventory on credit.b. Sells inventory for $3,300 on credit.c. Records $2,520 cost of sales for transaction b.d. Receives $3,300 cash towards accounts receivable.e. Pays $2,520 cash to settle accounts payable.What is the ending balance of Accounts Payable after the abovetransactions?
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