# During February, \$186,500 was paid to creditors on account, and purchases on account were \$201,400. Assuming that the February 28 balance of Accounts Payable was \$59,900, determine the account balance on February 1.b. On October 1, the accounts receivable account balance was \$115,800. During October, \$449,600 was collected from customers on account. Assuming that the October 31 balance was \$130,770, determine the fees billed to customers on account during October.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.

Question
26 views

During February, \$186,500 was paid to creditors on account, and purchases on account were \$201,400. Assuming that the February 28 balance of Accounts Payable was \$59,900, determine the account balance on February 1.
b. On October 1, the accounts receivable account balance was \$115,800. During October, \$449,600 was collected from customers on account. Assuming that the October 31 balance was \$130,770, determine the fees billed to customers on account during October.
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.

check_circle

Step 1

1.

Calculate opening blance of accounts payable:

Opening Balance Of Accounts payable = Ending Balance + Payment made – Purchases Made

Opening Balance of Accounts payable = 59,900 + 186,500 -201,400

Opening Balance of Accounts payable = \$ 45,000

Step 2

2.

Calculate fees billed amount

Fee Billed = Closing Balance – Opening Balance + Payment Collected

Fee...

### Want to see the full answer?

See Solution

#### Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in