(a) During October, $90,000 was paid to creditors on account, and purchases on account where $125,000. Assuming...

Question:

(a) During October, $90,000 was paid to creditors on account, and purchases on account where $125,000. Assuming the October 31 balance of Accounts Payable was $40,000 determine the accounts balance on October 1.

(b) On May 1, the accounts receivable account balance was $25,000. During May, $240,000 was collected from customers on account. Assuming the May 31 balance was $36,000, determined the fees billed to customers on account during May.

(c) On November 1, the cash account balance was $18,275. During November, cash receipts totaled $279,100 and the November 30 balance was $13,200. Determine the cash payments made during November.

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...