Complete this question by entering your answers in the tabs below. required a required b required c corentine co. had $160,000 of

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complete this question by entering your answers in the tabs below. required a required b required c corentine co. had $160,000 of accounts payable on september 30 and $136,500 on october 31. total purchases on account during october were $289,000. determine how much cash was paid on accounts payable during october. accounts payable ending balance required a required b >

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LectureNotes said complete this question by entering your answers in the tabs below. Required a required b required c Corentine Co. had $160,000 of accounts payable on September 30 and $136,500 on October 31. Total purchases on account during October were $289,000. Determine how much cash was paid on accounts payable during October. Accounts payable ending balance required a required b.

Answer:
To determine how much cash Corentine Co. paid on accounts payable during October, we can use the following relationship:

[ \text{Beginning Accounts Payable} + \text{Purchases on Account} - \text{Cash Paid on Accounts Payable} = \text{Ending Accounts Payable} ]

Given the values:

  • Beginning Accounts Payable (September 30): $160,000
  • Purchases on Account (during October): $289,000
  • Ending Accounts Payable (October 31): $136,500

Solution By Steps:

  1. Set up the equation for Accounts Payable:

    160,000 + 289,000 - \text{Cash Paid} = 136,500

  2. Rearrange the equation to solve for Cash Paid:

    \text{Cash Paid} = 160,000 + 289,000 - 136,500

  3. Perform the calculations:

    160,000 + 289,000 = 449,000
    449,000 - 136,500 = 312,500

Final Answer:

Corentine Co. paid $312,500 in cash on their accounts payable during October.

This detailed step-by-step approach ensures that we correctly account for all transactions affecting accounts payable during the period in question.