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Darya [45]
3 years ago
8

On October 1, the accounts receivable account balance was $115,020. During October, $449,350 was collected from customers on acc

ount. Assuming the October 31 balance was $130,050 determine the fees billed to customers on account during October.
Business
1 answer:
natita [175]3 years ago
6 0

Answer:

$464,380

Explanation:

The fees billed to customer during the month of the October can be determined using the following formula:

Fees billed to customer=Closing balance of accounts receivables+amount collected from customers-opening balance of accounts receivables

In this question:

closing balance of accounts receivables=$130,050

amount collected from customers=$449,350

opening balance of accounts receivables= $115,020

Fees billed to customers=$130,050+$449,350-$115,020=$464,380

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3 years ago
The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank statement indicated a balance of
Bas_tet [7]

Answer:

1. Cash balance according to bank statement $370,000

Cash balance according to company’s records $370,000

2. a. April 30

Dr Cash $42,000

Cr Notes Receivable $40,000

Cr Interest Income / Interest Revenue $2,000

b. April 30

Dr Accounts Payable - Targhee Supply Co $6,840

Dr Miscellaneous Expenses [Bank service charge] $145

Cr Cash $6,985

3. $370,000

Explanation:

1. Preparation of a bank reconciliation

AMERICAN MEDICAL COMPANY

Bank Reconciliation

April 30

Cash balance according to bank statement $388,600

Add: Deposit of April 30, Not recorded by bank $42,500

Add: Bank Error in Charging check as $420 instead of $240 [$420 - $240] $180

Deduct: Outstanding Checks $61,280

Adjusted balance $370,000

Cash balance according to company’s records $334,985

Add: Note and Interest Collected by bank $42,000

Deduct: Error in Recording Check [$7,600 - $760] $6,840

Deduct: Bank Service Charges $145

Adjusted balance $370,000

2. Preparation of Journal entries.

Journal entries

a. April 30

Dr Cash $42,000

Cr Notes Receivable $40,000

Cr Interest Income / Interest Revenue $2,000

b. April 30

Dr Accounts Payable - Targhee Supply Co [$7,600 - $760] $6,840

Dr Miscellaneous Expenses [Bank service charge] $145

Cr Cash $6,985

($6,840+$145)

3. Based on the information given If a balance sheet is prepared for American Medical Co. on April 30, the amount that should be reported as cash will be $370,000

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