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Use the information in each of the following separate cases to calculate the unknown amount. Corentine Company had $168,000 of accounts payable on September 30
Use the information in each of the following separate cases to calculate the unknown amount.
- Corentine Company had $168,000 of accounts payable on September 30 and $140,500 on October 31. Total purchases on credit during October were $297,000. Determine how much cash was paid on accounts payable during October.
- On September 30, Valerian Company had a $110,500 balance in Accounts Receivable. During October, the company collected $110,890 from its credit customers. The October 31 balance in Accounts Receivable was $105,000. Determine the amount of sales on credit that occurred in October.
- During October, Alameda Company had $118,500 of cash receipts and $119,150 of cash disbursements. The October 31 Cash balance was $26,600. Determine how much cash the company had at the close of business on September 30.
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