During February, $186,300 was paid to creditors on account, and purchases on acc

Question

During February, $186,300 was paid to creditors on account, and purchases on account were $204,450. Assuming the February 28 balance of Accounts Payable was $59,240, determine the account balance on February 1. $ On October 1, the accounts receivable account balance was $114,220. During October, $449,400 was collected from customers on account. Assuming the October 31 balance was $130,150 determine the fees billed to customers on account during October. $ On April 1, the cash account balance was $46,370. During April, cash receipts totaled $247,900 and the April 30 balance was $56,530. Determine the cash payments made during April.

Explanation / Answer

1 Account balance on Feb-1 = 186300+59240-204450= 41090 2 Fees billed to customers = 449400-114220+130150= 465330 3 Cash payments = 46370+247900-56350= 237920

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