Question

Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Co. had $157,000 of accounts payable on September 30 and $135,000 on October 31. Total purchases on account during October were $286,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Co. 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 account 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 Corentine Co. had $157,000 of accounts payable on September 30 and $135,000 on October 31. Total purchases on account during October were $286,000. Determine how much cash was paid on accounts payable during October. Accounts Payable Ending balance 0 Required A Required B >

Answer 1

accounts payable a. $1,57,000 beginning balance cash paid $3,08,000 $2,86,000 purchases on account $1,35,000 ending balance accounts receivable $1,05,000 $1,05,390 beginnin balance cash collected $94,390 sales on account $94,000 ending balance cash C. $21,750 beginning balance cash receipts $1,07,500 $1,08,150 cash disbursements $21,100 ending balance b.

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