Question

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. Ending balance Accounts Payable Beginning balance $ 152,000 Purchases on account 281,000 $ 433,000

          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.
Ending balance
Accounts Payable
Beginning balance
$
152,000
Purchases on account
281,000
$
433,000

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 and132,500 on October 31. Total purchases on account during
October were 281,000. Determine how much cash was paid on accounts payable during October.
Ending balance
Accounts Payable
Beginning balance
152,000
Purchases on account
281,000
433,000

Added by Ignacio R.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Natassia Flegal

Step 1

Step 1: Identify the beginning balance of accounts payable on September 30, which is $152,000. Show more…

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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. Beginning balance Purchases on account $152,000 $281,000 Ending balance $433,000