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Exercise 2-7 (Algo) Analyzing account entries and balances LO A1 Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $164,000 of accounts payable on September 30 and $138,500 on October 31. Total purchases on credit during October were $293,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Company had a $108,500 balance in Accounts Receivable. During October, the company collected $108,890 from its credit customers. The October 31 balance in Accounts Receivable was $101,000. Determine the amount of sales on credit that occurred in October. c. During October, Alameda Company had $114,500 of cash receipts and $115,150 of cash disbursements. The October 31 Cash balance was $24,600. Determine how much cash the company had at the close of business on September 30.

Exercise 2-7 (Algo) Analyzing account entries and balances LO A1 Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $164,000 of accounts payable on September 30 and $138,500 on October 31. Total purchases on credit during October were $293,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Company had a $108,500 balance in Accounts Receivable. During October, the company collected $108,890 from its credit customers. The October 31 balance in Accounts Receivable was $101,000. Determine the amount of sales on credit that occurred in October. c. During October, Alameda Company had $114,500 of cash receipts and $115,150 of cash disbursements. The October 31 Cash balance was $24,600. Determine how much cash the company had at the close of business on September 30.

FINANCIAL ACCOUNTING
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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Exercise 2-7 (Algo) Analyzing account entries and balances LO A1 Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $164,000 of accounts payable on September 30 and $138,500 on October 31. Total purchases on credit during October were $293,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Company had a $108,500 balance in Accounts Receivable. During October, the company collected $108,890 from its credit customers. The October 31 balance in Accounts Receivable was $101,000. Determine the amount of sales on credit that occurred in October. c. During October, Alameda Company had $114,500 of cash receipts and $115,150 of cash disbursements. The October 31 Cash balance was $24,600. Determine how much cash the company had at the close of business on September 30. Complete this question by entering your answers in the tabs below. Required A Required B Required C On September 30, Valerian Company had a $108,500 balance in Accounts Receivable. During October, the company collected $108,890 from its credit customers. The October 31 balance in Accounts Receivable was $101,000. Determine the amount of sales on credit that occurred in October. Ending balance Accounts Receivable < Required A $ Required C 0
Transcribed Image Text:Exercise 2-7 (Algo) Analyzing account entries and balances LO A1 Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $164,000 of accounts payable on September 30 and $138,500 on October 31. Total purchases on credit during October were $293,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Company had a $108,500 balance in Accounts Receivable. During October, the company collected $108,890 from its credit customers. The October 31 balance in Accounts Receivable was $101,000. Determine the amount of sales on credit that occurred in October. c. During October, Alameda Company had $114,500 of cash receipts and $115,150 of cash disbursements. The October 31 Cash balance was $24,600. Determine how much cash the company had at the close of business on September 30. Complete this question by entering your answers in the tabs below. Required A Required B Required C On September 30, Valerian Company had a $108,500 balance in Accounts Receivable. During October, the company collected $108,890 from its credit customers. The October 31 balance in Accounts Receivable was $101,000. Determine the amount of sales on credit that occurred in October. Ending balance Accounts Receivable < Required A $ Required C 0
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