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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 $3,600 at the beginning of the month and $4,600 at the end of the month. During the month, purchases on account amounted to $7,900. Calculate the payments to suppliers during the month. Accounts Payable Beginning balance Purchases on account Ending balance Payments to suppliers b. Accounts Receivable had a balance of $22,600 at the beginning of the month and $20,400 at the end of the month. Cash collected from customers totaled $79,000 during the month. Calculate credit sales during the month, assuming that all sales were made on account Accounts Receivable Beginning balance Credit sales Ending balance Collections from customers
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