Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what is the answers for A,B, and C? Also how did you find the amounts? Exercise 2.7 (Algo) Analyzing account entries and balances LO A1

what is the answers for A,B, and C? Also how did you find the amounts?
image text in transcribed
Exercise 2.7 (Algo) Analyzing account entries and balances LO A1 Use the information in each of the following separate cases to calculate the unknown amount a. Corentine Company had $159,000 of accounts payable on September 30 and $136,000 on October 31 . Total purchases on credi during October were $288,000. Determine how much cash was paid on accounts poyable duting October. b. On September 30 , Valerian Company had a $106,000 balance in Accounts Recelvable. During October, the company collected $106,390 from its credit customers. The October 31 balance in Accounts Recelvable was $96,000 Determine the amount of sales on credit that occurred in Octobet. c. Duting October, Alameda Company had $109,500 of cash receipts and $110,150 of cash disbursements. The October 31 Cash balance was $22,100. 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 $159,000 ol accounts payable on September 30 and $136,000 on October 31 . Total purchases on credit during October were $200,000. Determine how much cash was pasd on accounts payable during October

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

College Accounting A Practical Approach

Authors: Jeffrey Slater

12th edition

978-0132772068, 133468100, 013277206X, 9780133468106, 978-0133133233

More Books

Students also viewed these Accounting questions

Question

common law fraud requires

Answered: 1 week ago