Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $166,000 of accounts payable on September

Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $166,000 of accounts payable on September 30 and $139,500 on October 31. Total purchases on credit during October were $295,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Valerian Company had a $109,500 balance in Accounts Receivable. During October, the company collected $109,890 from its credit customers. The October 31 balance in Accounts Receivable was $103,000. Determine the amount of sales on credit that occurred in October. c. During October, Alameda Company had $116,500 of cash receipts and $117,150 of cash disbursements. The October 31 Cash balance was $25,600. Determine how much cash the company had at the close of business on September 30. Complete this question by entering your answers in the tabs below. Required A Required B Required C Corentine Company had $166,000 of accounts payable on September 30 and $139,500 on October 31. Total purchases on credit during October were $295,000. Determine how much cash was paid on accounts payable during October. Payments on account Ending balance Accounts Payable Beginning balance Purchases on account
image text in transcribed
Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $166,000 of accounts payable on September 30 and $139,500 on October 31 , Total purchases on credit during October were $295,000. Determine how much cash was paid on accounts payable during October. b. On September 30, Volerian Company had a $109,500 batance in Accounts Recelvable. During October, the company collected $109,890 from its credit customers. The October 31 balance in Accounts Recelvable was $103,000. Determine the amount of sales on credit that occurred in October c. During October, Alameda Company had $116,500 of cash receipts and $117,150 of cash disbursements. The October 31 Cash balance was $25,600. Determine how much cash the company had at the close of business on September 30 . Complete this question by entering your answers in the tabs below. Corentine Company had $166,000 of accounts payable on September 30 and $139,500 on October 31 . Total purchases on credit during October were $295,000. Determine how much cash was paid on accounts payable during October

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started