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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
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 $4,300 at the beginning of the month and $6,000 at the end of the month. During the month, purchases on account amounted to $10,000. Calculate the payments to suppliers during the month. Accounts Payable Payments to suppliers Beginning balance Purchases on account Ending balance b. Accounts Receivable had balance of $24,000 at the beginning of the month and $21,100 at the end of the month. Cash collected from customers totaled $82,500 during the month. Calculate credit sales during the month, assuming that all sales were made on account. Accounts Receivable Beginning balance Credit sales Collections from customers Ending balance
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