Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Co. had $153,000 of accounts payable on September 30 and $133,000 on October 31. Total purchases on account during October were $282,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Co. had a $103,000 balance in Accounts Receivable. During October, the company collected $103,390 from its credit customers. The October 31 balance in Accounts Receivable was $90,000. Determine the amount of sales on account that occurred in October. c. During October, Alameda Company had $103,500 of cash receipts and $104,150 of cash disbursements. The October 31 Cash balance was $19,100. 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 Corentine Co. had $153,000 of accounts payable on September 30 and $133,000 on October 31. Total purchases on account during October were $282,000. Determine how much cash was paid on accounts payable during October. Accounts Payable i Ending balance Required A $ Required B >

Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Co. had $153,000 of accounts payable on September 30 and $133,000 on October 31. Total purchases on account during October were $282,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Co. had a $103,000 balance in Accounts Receivable. During October, the company collected $103,390 from its credit customers. The October 31 balance in Accounts Receivable was $90,000. Determine the amount of sales on account that occurred in October. c. During October, Alameda Company had $103,500 of cash receipts and $104,150 of cash disbursements. The October 31 Cash balance was $19,100. 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 Corentine Co. had $153,000 of accounts payable on September 30 and $133,000 on October 31. Total purchases on account during October were $282,000. Determine how much cash was paid on accounts payable during October. Accounts Payable i Ending balance Required A $ Required B >

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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On December 31, 20X1, the company reported a debit balance of $200,000 in accounts receivable and a credit balance of $5,000 in the allowance for expected credit losses. December 31 is the company’s reporting date. During 20X2, the company had the following transactions: a. The company made a credit sale of $300,000. b. The company collected accounts receivable for 350,000. c. The company wrote off the uncollectible accounts for $12,000. d. The company collected the receivable of $4,000 that had been written off previously. Required Note: Show calculation: (1) Prepare journal entries to record the above four transactions. (2) Assume that 2% of the company’s accounts receivable cannot be collected, prepare the adjusting journal entry at the end of 20X2.
The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $157,000 of accounts payable on September 30 and $135,000 on October 31. Total purchases on credit during October were $286,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Company had a $105,000 balance in Accounts Receivable. During October, the company collected $105,390 from its credit customers. The October 31 balance in Accounts Receivable was $94,000. Determine the amount of sales on credit that occurred in October. c. During October, Alameda Company had $107,500 of cash receipts and $108,150 of cash disbursements. The October 31 Cash balance was $21,100. 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 $105,000 balance in Accounts…
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