EX 2-11 Account balances OBJ. 1,2, a. During February, $186,500 was paid to cred

Question

EX 2-11 Account balances OBJ. 1,2, a. During February, $186,500 was paid to creditors on account, and purchases on ac- count were $201,400. Assuming that the February 28 balance of Accounts Payable was 238,050 $59,900, determine the account balance on February 1. Show Me How b. On October 1, the accounts receivable account balance was $115,800. During October, $149,600 was collected from customers on account. Assuming that the October 31 bal- the fees billed to customers on account during October. ance was $130,770, determine c. 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. OBJ. 1,2

Explanation / Answer

a Account balance on Februray 1 = 186500-(201400-59900)= $45000 b Fees billed to customers = (449600-115800)+130770= $464570 c Cash payments made during April = 46220+248600-56770= $238050

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