a. During February, $93,400 was paid to creditors on account, and purchases on account were $119,550. Assuming that the February 28 balance of Accounts Payable was $40,160, determine the account balance on February 1. $ b. On October 1, the accounts receivable account balance was $35,000. During October, $304,500 was collected from customers on account. Assuming that the October 31 balance was $40,300, determine the fees billed to customers on account during October. $ c. On April 1, the cash account balance was $13,210. During April, cash receipts totaled $200,790 and the April 30 balance was $9,510. Determine the cash payments made during April.
a. During February, $93,400 was paid to creditors on account, and purchases on account were $119,550. Assuming that the February 28 balance of Accounts Payable was $40,160, determine the account balance on February 1. $ b. On October 1, the accounts receivable account balance was $35,000. During October, $304,500 was collected from customers on account. Assuming that the October 31 balance was $40,300, determine the fees billed to customers on account during October. $ c. On April 1, the cash account balance was $13,210. During April, cash receipts totaled $200,790 and the April 30 balance was $9,510. Determine the cash payments made during April.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
a. During February, $93,400 was paid to creditors on account, and purchases on account were $119,550. Assuming that the February 28 balance of Accounts Payable was $40,160, determine the account balance on February 1.
$
b. On October 1, the accounts receivable account balance was $35,000. During October, $304,500 was collected from customers on account. Assuming that the October 31 balance was $40,300, determine the fees billed to customers on account during October.
$
c. On April 1, the cash account balance was $13,210. During April, cash receipts totaled $200,790 and the April 30 balance was $9,510. Determine the cash payments made during April.
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