a During July, $90,300 was paid to creditors on account, and purchases on account were $115,150 Assuming the July 31 balance of Accounts Payable was $39,000, determine the account balance on July 1 b On May 1, the accounts receivable account balance was $36,200 During May, $315,000 was collected fr...

a. During July, $90,300 was paid to creditors on account, and purchases on account were $115,150. Assuming

Question:

a. During July, $90,300 was paid to creditors on account, and purchases on account were $115,150. Assuming the July 31 balance of was $39,000, determine the account balance on July 1.
b. On May 1, the account balance was $36,200. During May, $315,000 was collected from customers on account. Assuming the May 31 balance was $41,600, determine the fees billed to customers on account during May.
c. On April 1, the cash account balance was $18,275. During April, cash receipts totaled $279,100 and the April 30 balance was $13,200. Determine the cash payments made during April.

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...