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Account Balances a
Account Balances a. During February, $194,500 was paid to creditors on account, and purchases on account were $210,400. Assuming that the February 28 balance of Accounts Payable was $62,500, determine the account balance on February 1 b. On October 1, the accounts rootivable account balance was $121,100. During October, $470,500 was collected from customers on account Assuming that the October 31 balance was $136,800, determine the fees billed to customers on account during October C. On April 1, the cash account balance was $48,350. During April, cash receipts totaled $260,060 and the April 30 balance was $59,390 Determine the cash payments made during April
Expert Solution
a.
Answer: $46,600
.
Accounts payable account balance on February 28 = Accounts payable account balance on February 1 + Purchases on account - Payments made for purchases on account
Accounts payable account balance on February 1 = Accounts payable account balance on February 28 - Purchases on account + Payments made for purchases on account
Accounts payable account balance on February 1 = $62,500 - $210,400 + $194,500
Accounts payable balance on February 1 = $46,600
.
.
b.
Answer: $486,200
.
Accounts receivable account balance on October 31 = Accounts receivable account balance on October 1 + Bills made to customers on account - Collections from customers on account
Bills made to customers on account = Accounts receivable account balance on October 31 - Accounts receivable account balance on October 1 + Collections from customers on account
Bills made to customers on account = $136,800 - $121,100 + $470,500
Bills made to customers on account = $486,200
.
.
C.
Answer: $249,020
.
Cash account balance on April 30 = Cash account balance on April 1 + Cash receipts during April - Cash payments during April
Cash payments during April = Cash account balance on April 1 + Cash receipts during April - Cash account balance on April 30
Cash payments during April = $48,350 + $260,060 - $59,390
Cash payments during April = $249,020
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