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Accounts payable had a balance

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a. Accounts Payable had a balance of $3,000 at the beginning of the month and $3,400 at the end of the month. During the month, purchases on account amounted to $6,100. Calculate the payments to suppliers during the month.

b. Accounts Receivable had a balance of $21,400 at the beginning of the month and $19,800 at the end of the month. Cash collected from customers totaled $76,000 during the month. Calculate credit sales during the month, assuming that all sales were made on account.

Required:
Solve for the missing amounts using a T-account for the balance sheet accounts in each situation. Assume that there is only one debit entry and one credit entry in the account during the month.

Reference no: EM13912116

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