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a. 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.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 2, Problem 11E
Textbook Problem
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  1. a. 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.
  2. 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.
  3. 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.

a.

To determine

Calculate the account balance on February 1.

Explanation of Solution

T-account:

An account is referred to as a T-account, because the alignment of the components of the account resembles the capital letter ‘T’. An account consists of the three main components which are as follows:

  1. (a) The title of the account
  2. (b) The left or debit side
  3. (c) The right or credit side

Accounts payable:

Accounts payable refers to the amounts to be paid within a short period to the suppliers upon the purchase of goods and services on account. This is a short-term obligation, and hence, recorded as current liability.

Determine the account balance on February 1.

Accounts Payable
February.145,000
 186,500   201,400
February...

b.

To determine

Calculate the fees billed to the customers on account during the month of October.

c.

To determine

Calculate the cash payments made during the month of April.

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Chapter 2 Solutions

Financial Accounting
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