Question

On october 1, the accounts receivable account balance was $115,800. during october, $449,600 was collected from customers on account. assuming the october 31 balance was $130,770 determine the fees billed to customers on account during october.

Answer 1

Calculation of fees billed to customers on account during October:

The fees billed to customers on account can be calculated as follows:

Fees billed to customers on account = Ending Accounts receivable + Amount Collected from Customer - Beginning Accounts receivable

= 130770+449600-115800

=464570

Hence, the fees billed to customers on account during October is $464,570