Solve for the missing amounts in the T-account given below. Assume that there is only one debit entry and one credit entry in the account during the month. a. Accounts Payable had a balance of $4,700 at the beginning of the month and $6,800 at the end of the month. During the month, purchases on account amounted to $11,200. Calculate the payments to suppliers during the month. b. Accounts Receivable had a balance of $24,800 at the beginning of the month and $21,500 at the end of the month. Cash collected from customers totaled $84,500 during the month. Calculate credit sales during the month, assuming that all sales were made on account.

Solve for the missing amounts in the T-account given below. Assume that there is only one debit entry and one credit entry in the account during the month. a. Accounts Payable had a balance of $4,700 at the beginning of the month and $6,800 at the end of the month. During the month, purchases on account amounted to $11,200. Calculate the payments to suppliers during the month. b. Accounts Receivable had a balance of $24,800 at the beginning of the month and $21,500 at the end of the month. Cash collected from customers totaled $84,500 during the month. Calculate credit sales during the month, assuming that all sales were made on account.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EA: Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200....

See similar textbooks

Similar questions

For each of the following situation, solve for a missing amount. In each case, there is only one debit entry and one credit entry in the account during the month.Requirement 1:a. Accounts Receivable had a balance of $1,080 at the beginning of the month and $810 at the end of the month. Credit sales totaled $10,800 during the month. Calculate the cash collected from customers during the month, assuming that all sales were made on account. b. The Supplies account had a balance of $486 at the beginning of the month and $657 at the end of the month. The cost of supplies used during the month was $2,106. Calculate the cost of supplies purchased during the month. c. Wages Payable had a balance of $369 at the beginning of the month. During the month, $3,420 of wages were paid to employees. Wages Expense accrued during the month totaled $3,690. Calculate the balance of Wages Payable at the end of the month.
calculate the unknown amount. On September 30, Valerian Co. had a $102,500 balance in Accounts Receivable. During October, the company collected $102,890 from its credit customers. The October 31 balance in Accounts Receivable was $89,000. Determine the amount of sales on account that occurred in October.
On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May. total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13.000. What was the amount of credit sales during May? O $52,000. O $32,000. O $47,000. $57,000. O 55,000.
On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May, total credits to Accounts Receivable were $65,200 from customer payments. The May 31 Accounts Receivable balance was $24,000. What was the amount of credit sales during May?
The unpaid balance at the start of a 30-day billing cycle was $660.63. No purchases were made during the billing cycle and a payment of $660.63 was credited to the account on day 21. Find the unpaid balance at the end of the billing cycle. Assume that the annual interest rate on a credit card is 19.67% and interest is calculated by the average daily balance method.
The activity in the credit card account of Mara for one billing period shows the following transactions: November 18 purchase of P 4,500.00; November 25 purchase of P23,000.00; December 3 payment of P30,000.00 and December 10 purchase of P8,430.00. (1.) Find the average daily balance on the next billing date of December 15 if the previous balance was P 5,900.00 due on November 15. Given the finance charge of 2.25% on the daily balance. (b) Find the finance charge and the balance owned on December 15. The AST Enterprise is currently selling stocks at P 2, 300.00 and with a dividend of P150. What is the current yield of stocks.
The activity in the credit card account of Mara for one billing period shows the following transactions: November 18 purchase of P 4,500.00; November 25 purchase of P23,000.00; December 3 payment of P30,000.00 and December 10 purchase of P8,430.00. (1.) Find the average daily balance on the next billing date of December 23 if the previous balance was P 5,900.00. Given the finance charge of 2.25% on the daily balance. (b) Find the finance charge and the balance owned on December 23.
Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average dally balance. Finally, find the new balance. Previous Balance: $556.32 Billing date: July 9 July 15, Return, $114.45 July 17, Purchase, $98.12 July 25, Purchase, $76.12 August 7, Payment, $110 What is the average daily balance? What is the finance charge? What is the new balance?
On September 30, Valerian Co. had a $111,500 balance in Accounts Receivable. During October, the company collected $111,890 from its credit customers. The October 31 balance in Accounts Receivable was $107,000. Determine the amount of sales on account that occurred in October.
A credit card bill due on April 5 showed a balance of $263. The cardholder forgot to pay the bill until the 20th of the month but paid the full amount of $263 at that time. In the meantime, the card was used to make purchases of $138 on the 10th of the month and $74 on the 20th of the month. What was the average daily balance for the billing period? a.$362.50b.$95.97c. $166.07d. $184.27
At 30 September, Zebra Mountain had Accounts Receivable of $28,000 and Allowance for Bad Debts of $1,000. During October, Zebra Mountain recorded: Sales of $180,000 ($160,000 on credit; $20,000 for cash) Collections on account, $130 000. Bad debt expense, estimated as 2% of credit sales Write-offs of bad debts, $ 1,200. Required: Journalise the above transactions during October. Calculate the balance of accounts receivable and allowance for doubtful debts at the end of October and show how both accounts would appear in the financial statements
A Plus Services has the following transactions during January: Credit sales of $110,000, collections of credit sales of $87,000, and write-offs of $19,000. A Plus Services uses the direct write-off method. At the end of January, the balance of Accounts Receivable is ________.