# Question & Answer: Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Co……

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. purchases on account during October were \$281,000. Determine how much cash was paid on 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. c. During October, Alameda Company had \$102,500 of cash receipts and \$103,150 of cash disbursements. The October 31 Cash balance was \$18,600. Determine how much cash the company had at the close of business on September 30. Prepare general journal entries for the following transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested \$6,500 cash and \$33,500 of photography equipment in the company in exchange for common stock. 2 The company paid \$2,100 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for \$880 cash. 20 The company received \$3,331 cash in photography fees earned. 31 The company paid \$675 cash for August utilities. Use the information in Exercise 2-7 to prepare an August 31 trial balance for Pose-for-Pics. Begin by opening these T-accounts: Cash: Office Supplies: Prepaid Insurance: Photography Equipment: Common Stock: Photography Fees Earned: and Utilities Expense. Then, post the general journal entries to these T-accounts (which will serve as the ledger), and prepare the trial balance.

CALCULATE KNOWN AMOUNT :

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A) Determine cash paid on account payable :

 Amount Beginning balance of account payable 152000 Add: Purchase during the year on account 281000 Less: Ending balance of account payable (132500) Cash paid for purchase during october 300500

B) DETERMINE AMOUNT OF SALES ON ACCOUNT :

 amount Ending balance of account receivable on oct 31 89000 Add: Cash collected from customer 102890 Less: Beginning balance of account receivable on sep 30 (102500) Sales on account during october 89390

C) Calculate opening balance of cash :

 Amount Ending balance of cash 18600 Add: Cash expenditure 103150 Less: Cash receipts (102500) Beginning balance of cash 19250