Question

Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000. Determine how much cash was paid on accounts payable during October.

Answer 1

Cash was paid on accounts payable during October: $300,500

Step-by-step explanation:

Cash was paid on accounts payable during October = Accounts payable on September 30 + Total purchases on account during October - accounts payable on October 31

Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000

Cash was paid on accounts payable during October = $152,000 + $281,000 - $132,500 = $300,500