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Question(s) / Instruction(s):

Account Balances

a.            During October, $93,140 was paid to creditors on account, and purchases on account were $119,220. Assuming the October 31 balance of Accounts Payable was $40,050, determine the account balance on October 1.

b.            On May 1, the accounts receivable account balance was $30,700. During May, $267,100 was collected from customers on account. Assuming the May 31 balance was $35,300, determine the fees billed to customers on account during May.

c.   On November 1, the cash account balance was $12,800. During November, cash receipts totaled $194,560 and the November 30 balance was $9,220. Determine the cash payments made during November.

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