The manager of Pierce Furniture needs to compute the following amounts.
a. Total cash paid during October.
b. Cash collections from customers during October. Analyze Accounts Receivable.
c. Cash paid on a note payable during October. Analyze Notes Payable.

Requirement
1. Prepare a T-account to compute each amount, a throughc.

Transcribed Image Text:

Balance Additional Information for the Month of October Account Sep 30 Oct 31 1. Cas.. 2. Accounts Receivable28,000 26,000 Sales on account, $47,000 S11,000 6,000 Cash receipts, $83,000 3. Notes Payable. 15,000 23,000 New borrowing, $24,000