Question:
a. During July, $90,300 was paid to creditors on account, and purchases on account were $115,150. Assuming the July 31 balance of Accounts Payable was $39,000, determine the account balance on July 1.
b. On May 1, the accounts receivable account balance was $36,200. During May, $315,000 was collected from customers on account. Assuming the May 31 balance was $41,600, determine the fees billed to customers on account during May.
c. On April 1, the cash account balance was $18,275. During April, cash receipts totaled $279,100 and the April 30 balance was $13,200. Determine the cash payments made during April.