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Mini-Exercise 4-3 (Static) Transaction analysis using T-accounts LO 6, 7 Solve for the missing amounts in the T-account given below. Assume that there is only
Mini-Exercise 4-3 (Static) Transaction analysis using T-accounts LO 6, 7 Solve for the missing amounts in the T-account given below. Assume that there is only one debit entry and one credit entry in the account during the month. Required: a. Accounts Payable had a balance of $9,000 at the beginning of the month and $10,200 at the end of the month. During the month, purchases on account amounted to $18,300. Calculate the payments to suppliers during the month. b. Accounts Receivable had a balance of $10,700 at the beginning of the month and $9,900 at the end of the month. Cash collected from customers totaled $38,000 during the month. Calculate credit sales during the month, assuming that all sales were made on account
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