Question

Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Co. had $172,000 of accounts payable on September 30 and $142,500 on October 31. Total purchases on account during October were $301,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Co. had a $112,500 balance in Accounts Receivable. During October, the company collected $112,890 from its credit customers. The October 31 balance in Accounts Receivable was $109,000. Determine the amount of sales on account that occurred in October. c. During October, Alameda Company had $122,500 of cash receipts and $123,150 of cash disbursements. The October 31 Cash balance was $28,600. 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 Corentine Co. had $172,000 of accounts payable on September 30 and $ 142,500 on October 31. Total purchases on account during October were $301,000. Determine how much cash was paid on accounts payable during October. Accounts Payable Ending balance Required A Required B >

Answer 1

Accounts Payable yentl on account $330, 500 beginning Balance Purchases on account $172,000 $300,000 1 Ending Balance $142,500 ib, Accounts Receivable Beginning Balance sales on account $112,500 Cash receipts on account $ 112,890 $109,390 $109,000 Ending Balance co Cash $122,500 Cash disbursements $29,250 Cash receipts Beginning Balance $123,150 Ending Balance $28,600 calculations Accounts Payable Payments on Account = Beginning Balance & Purchases on account - Ending Balance - $ 172,000 & $301,000 - $142,500 = $330,500

Accounts Sales on Receivable: account = Ending Balance & cash receipts on account - Beginning Balance = $109,000 + $ 112,890 - $112,500 = $ 109,390 Cash: Beginning Balance - Ending Balance & cash disbursements - Cash Receipts = $28,600 + $123,150 - $122,500 = $29,250