Account Balances a. During February, $79,070 was paid to creditors on account, and purchases on account were $101,210. Assuming that the February 28 balance of Accounts Payable was $34,000, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $31,700. During October, $275,800 was collected from customers on account. Assuming that the October 31 balance was $36,500, determine the fees billed to customers on account during October. c. On April 1, the cash account balance was $15,470. During April, cash receipts totaled $235,140 and the April 30 balance was $11,140. Determine the cash payments made during April.
Account Balances a. During February, $79,070 was paid to creditors on account, and purchases on account were $101,210. Assuming that the February 28 balance of Accounts Payable was $34,000, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $31,700. During October, $275,800 was collected from customers on account. Assuming that the October 31 balance was $36,500, determine the fees billed to customers on account during October. c. On April 1, the cash account balance was $15,470. During April, cash receipts totaled $235,140 and the April 30 balance was $11,140. Determine the cash payments made during April.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
H1.
Account
Transcribed Image Text:Account Balances
a. During February, $79,070 was paid to creditors on account, and purchases on account were $101,210. Assuming that the February 28 balance of Accounts Payable
was $34,000, determine the account balance on February 1.
b. On October 1, the accounts receivable account balance was $31,700. During October, $275,800 was collected from customers on account. Assuming that the
October 31 balance was $36,500, determine the fees billed to customers on account during October.
c. On April 1, the cash account balance was $15,470. During April, cash receipts totaled $235,140 and the April 30 balance was $11,140. Determine the cash
payments made during April.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education