a. During February, $90,040 was paid to creditors on account, and purchases on account were $115,250. Assuming the February 28 balance of Accounts Payable was $38,720, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $50,800. During October, $442,000 was collected from customers on account. Assuming the October 31 balance was $58,400, determine the fees billed to customers on account during October. $ c. On April 1, the cash account balance was $18,070. During April, cash receipts totaled $274,660 and the April 30 balance was $13,010. Determine the cash payments made during April. $

a. During February, $90,040 was paid to creditors on account, and purchases on account were $115,250. Assuming the February 28 balance of Accounts Payable was $38,720, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $50,800. During October, $442,000 was collected from customers on account. Assuming the October 31 balance was $58,400, determine the fees billed to customers on account during October. $ c. On April 1, the cash account balance was $18,070. During April, cash receipts totaled $274,660 and the April 30 balance was $13,010. Determine the cash payments made during April. $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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