On July 1, your company had a beginning cash balance of $1,200. Your sales for June were $1,800, and your sales for July totaled $2,100. During July, you paid $480 in cash expenses and paid off $620 of accounts payable. Your accounts receivable collection period is 30 days. What is your firm's beginning cash balance on August 1?

On July 1, your company had a beginning cash balance of $1,200. Your sales for June were $1,800, and your sales for July totaled $2,100. During July, you paid $480 in cash expenses and paid off $620 of accounts payable. Your accounts receivable collection period is 30 days. What is your firm's beginning cash balance on August 1?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

See similar textbooks