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5 April, 01:36

During February, $186,500 was paid to creditors on account, and purchases on account were $201,400. Assuming the February 28 balance of Accounts Payable was $59,900, determine the account balance on February 1.

On October 1, the accounts receivable account balance was $115,800. During October, $449,600 was collected from customers on account. Assuming the October 31 balance was $130,770 determine the fees billed to customers on account during October.

On April 1, the cash account balance was $46,220. During April, cash receipts totaled $248,600 and the April 30 balance was $56,770. Determine the cash payments made during April.

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  1. 5 April, 04:43
    0
    Accounts payable (opening) = $ 45000.

    Account rec during year = $464570

    Cash payment during year = $351570.

    Explanation:

    As we know that:

    Account payable (open) + Purchases - Accounts payable (end) = Paid cash

    Accounts payable (open) + 201400-59900 = 186500

    Accounts payable (open) = 186500+59900-201400

    = $45000.

    As we know that:

    Account receivables (open) + A/c receivable during year - A/c receivable (end) = Cash collected.

    A/c receiable during period = 449600-115800+130770

    = $464570.

    As we know that:

    Cash (open) + Cash collected - Cash (end) = Cash payment during period.

    46200+248600 - 56770 = Cash payments during year.

    Cash payment during year = $351570.
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