Answered: On April 1, the cash account balance…

On April 1, the cash account balance was $48,350. During April, cash receipts totaled $260,060 and the April 30 balance was $59,390. Determine the cash payments made during April.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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On April 1, the cash account balance was $48,350. During April, cash receipts totaled $260,060 and the April 30 balance was $59,390. Determine the cash payments made during April.

Expert Solution

Step 1

CASH ACCOUNT

Cash Account reflect the Amount of Cash received during the period & Cash Disburse during the Period.

Ending Cash Account Balance is Computed :—

= Cash Balance at Beggining of the Period + Cash Received During the Period - Cash Payment During the Period

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