Question
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $9,994. In the cash disbursements journal, the Accounts Payable column has
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $9,994. In the cash disbursements journal, the Accounts Payable column has total debits of $6,506 for November. The Accounts Payable credit column in the purchases journal reveals a total of $8,498 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
On March 1, Bates Board Shop sells 343 surfboards to a local lifeguard station at a sales price of $436 per board. The cost to Bates is $217 per board. The terms of the sale are 1/15, n/30, with an invoice date of March 1. If the customer made the payment on March 10, how much cash did Bates Board Shop receive? Round to the nearest penny, two decimal places.
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