Question

se the information in each of the following separate cases to calculate the unknown amount. Corentine...

se the information in each of the following separate cases to calculate the unknown amount.

  1. Corentine Co. had $164,000 of accounts payable on September 30 and $138,500 on October 31. Total purchases on account during October were $293,000. Determine how much cash was paid on accounts payable during October.
  2. On September 30, Valerian Co. had a $108,500 balance in Accounts Receivable. During October, the company collected $108,890 from its credit customers. The October 31 balance in Accounts Receivable was $101,000. Determine the amount of sales on account that occurred in October.
  3. During October, Alameda Company had $114,500 of cash receipts and $115,150 of cash disbursements. The October 31 Cash balance was $24,600. Determine how much cash the company had at the close of business on September 30.
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Answer #1
1
Total purchases on account 293000
Add: Decrease in Accounts Payable 25500 =164000-138500
Cash paid on accounts payable during October 318500
2
Cash collected from customers 108890
Less: Decrease in Accounts Receivable 7500 =108500-101000
Sales on account that occurred in October 101390
3
October 31 Cash balance 24600
Add: Cash disbursements 115150
Less: Cash receipts 114500
Cash balance on September 30 25250
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