Account Balances a. During February, $94,830 was paid to creditors on account, and purchases on account were $121,380. Assuming that the February 28 balance of Accounts Payable was $40,780, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $46,700. During October, $406,300 was collected from customers on account. Assuming that the October 31 balance was $53,700, determine the fees billed to customers on account during October. c. On April 1, the cash account balance was $13,830. During April, cash receipts totaled $210,220 and the April 30 balance was $9,960. Determine the cash payments made during April.
Account Balances a. During February, $94,830 was paid to creditors on account, and purchases on account were $121,380. Assuming that the February 28 balance of Accounts Payable was $40,780, determine the account balance on February 1. b. On October 1, the accounts receivable account balance was $46,700. During October, $406,300 was collected from customers on account. Assuming that the October 31 balance was $53,700, determine the fees billed to customers on account during October. c. On April 1, the cash account balance was $13,830. During April, cash receipts totaled $210,220 and the April 30 balance was $9,960. Determine the cash payments made during April.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Account Balances
a. During February, $94,830 was paid to creditors on account, and purchases on account were $121,380. Assuming that the February 28 balance of Accounts Payable was $40,780, determine the account balance on February 1.
b. On October 1, the
c. On April 1, the cash account balance was $13,830. During April, cash receipts totaled $210,220 and the April 30 balance was $9,960. Determine the cash payments made during April.
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