Question

Use the information in each of the following separate cases to calculate the unknown amount. o. Corentine Co. had $152.000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000. Determine how much cash was paid on accounts payable during October Accounts Payable Ending balance

Answer 1

a)

Accounts Payable
Payments on Account	$ 300,500.00	Beginning Balance	$ 152,000.00
Ending Balance	$ 132,500.00	Purchase on Account	$ 281,000.00
Total	$ 433,000.00	Total	$ 433,000.00

b)

Accounts Receivable
Beginning Balance	$ 102,500.00	Cash Receipts	$ 102,890.00
Sales on Account	$    89,390.00	Ending Balance	$    89,000.00
Total	$ 191,890.00	Total	$ 191,890.00

c)

Accounts Receivable
Beginning Balance	$    19,250.00	Cash Disbursements	$ 103,150.00
Cash Receipts	$ 102,500.00	Ending Balance	$    18,600.00
Total	$ 121,750.00	Total	$ 121,750.00