Reference no: EM132679441

Problem -

a. During October, $90,000 was paid to creditors on account, and purchases on account were $125,000. Assuming the October 31 balance of Accounts Payable was $40,000, determine the account balance on October 1.

b. On May 1, the accounts receivable account balance was $25,000. During May, $240,000 was collected from customers on account. Assuming the May 31 balance was $36,000, determine the fees billed to customers on account during May.

c. On November 1, the cash account balance was $18,275. During November, cash receipts totaled $279,100 and the November 30 balance was $13,200. Determine the cash payments made during November.