How much was purchased on credit during the year

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Q1. On January 1, the total of the purchases ledger accounts was 30,250, while on December 31 it was 35,300. During the year the firm paid out 63,500 to credit suppliers, while enjoying cash discounts of 6,500. How much was purchased on credit during the year?

Q2. On January 1, the total of the sales ledger accounts was 52,500. During the year the firm collected 85,000 from credit customers, and at the end of the year the sales ledgers totaled 45,000. How much was on credit to the customers during the year?

Reference no: EM133137162

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