Question

During February, $80,110 was paid to creditors on account, and purchases on account were $102,540. Assuming that the February 28 balance of Accounts Payable was $34,450, determine the account balance on February 1. $fill in the blank 1 b. On October 1, the accounts receivable account balance was $30,300. During October, $263,600 was collected from customers on account. Assuming that the October 31 balance was $34,800, determine the fees billed to customers on account during October. $fill in the blank 2 c. On April 1, the cash account balance was $13,620. During April, cash receipts totaled $207,020 and the April 30 balance was $9,810. Determine the cash payments made during April. $fill in the blank 3

Answer 1

a. Accounts Payable on February 1 = $12,020

b. The fees billed to customers on account during October = $268,000

c. The cash payments made during April = $210,810

Step-by-step explanation:

a) Data and Calculations:

1. Accounts payable:

February 1 = $12,020

Purchases 102,540

Payment (80,110)

February 28 $34,450

2. Accounts Receivable:

October 1 balance $30,300

Fees 268,000

Collections 263,600

October 31 balance $34,800

3. Cash:

April 1 balance $13,600

Receipts 207,020

Payments 210,810

April 30 balance $9,810