Answered: During February, $189,000 was pai to…

During February, $189,000 was pai to creditors on account, and purchases on account were $ 209,400. Assuming the February 28 balance of Accounts Payable was $ 65,400, determine the account

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

During February, $189,000 was paid
to creditors on account, and
purchases on account were $
209,400. Assuming the February 28
balance of Accounts Payable was $
65,400, determine the account
balance on February 1. Round your
answer to the nearest dollar.

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