Exercise 2-6 Analyzing account entries and balances Use the information in each of the following separate cases to calcu

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Exercise 2 6 Analyzing Account Entries And Balances Use The Information In Each Of The Following Separate Cases To Calcu 1 (21.94 KiB) Viewed 10 times

Exercise 2-6 Analyzing account entries and balances 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. b. 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. [continued on next page]