Question: a During October 100 000 was paid to creditors on account

a. During October, $100,000 was paid to creditors on account, and purchases on account were $115,150. Assuming the October 31 balance of Accounts Payable was $39,000, determine the account balance on October 1.
b. On May 1, the accounts receivable account balance was $36,200. During May, $315,000 was collected from customers on account. Assuming the May 31 balance was $41,600, determine the fees billed to customers on account during May.
c. On June 1, the cash account balance was $20,000. During June, cash receipts totaled $279,100 and the June 30 balance was $15,500. Determine the cash payments made during June.

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  • CreatedFebruary 04, 2014
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