Question

Account balances Consider the changes in the accounts payable, accounts receivable, and cash accounts. Use T accounts to find the missing values. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. х THUH Open spreadsheet a. During February, $186,500 was paid to creditors on account, and purchases on account were $202,300. Assuming the February 28 balance of Accounts Payable was $59,100, determine the account balance on February 1. Round your answer to the nearest dollar. $ b. On October 1, the accounts receivable account balance was $119,400. During October, $451,900 was collected from customers on account. Assuming the October 31 balance was $126,070, determine the fees billed to customers on account during October. Round your answer to the nearest dollar $ c. On April 1, the cash account balance was $45,880. During April, cash receipts totaled $247,800 and the April 30 balance was $57,100. Determine the cash payments made during April. Round your answer to the nearest dollar. $ Next

Answer 1

Answers:

a. $43,300

b. $459,200

c. $236,580

Step By Step Solution:

a. Accounts Payable

The following information are given in the account

Accounts Payable A/c

Particulars	Amount (Dr)	Particulars	Amount (Cr)
Cash	$186,500	Balance b/d	$43,300
Balance c/d	$59,100	Credit Purchase	$202,300
	$245,600		$245,600

Note: Opening Balance = Closing Balance + Cash payments - Credit Purchase

b. Accounts Receivable

The following information are given in the account

Accounts Receivable A/c

Particulars	Amount (Dr)	Particulars	Amount (Cr)
Balance b/d	$119,400	Cash	$451,900
Credit Sales	$459,200	Balance c/d	$126,700
	$578,600		$578,600

​​​​Note: Credit Sales = Closing Balance + Cash Received - Opening Balance

c. Cash

The following information are given in the account

Cash A/c

Particulars	Amount (Dr)	Particulars	Amount (Cr)
Balance b/d	$45,880	Cash	$236,580
Cash	$247,800	Balance c/d	$57,100
	$293,680		$293,680

Notes: Cash payments = Opening Balance + Cash Receipts - Closing Balance