Complete this question by entering your answers in the tabs below. required a required b required c corentine co

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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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Determine how much cash was paid on accounts payable during October for Corentine Co.

To calculate how much cash was paid on accounts payable during October, we can use the following formula:

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

Given:

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

Now, let’s plug in these values into the formula:

\text{Cash Paid on Accounts Payable} = \$160,000 + \$289,000 - \$136,500

First, sum the beginning accounts payable and total purchases on account:

\$160,000 + \$289,000 = \$449,000

Next, subtract the ending accounts payable from this sum:

\$449,000 - \$136,500 = \$312,500

Therefore, the amount of cash paid on accounts payable during October is:

\boxed{\$312,500}