During February 83000 was paid to creditors on account and p

During February, $83,000 was paid to creditors on account, and purchases on account were $106,240. Assuming that the February 28 balance of Accounts Payable was $35,690, determine the account balance on February 1.

Solution

To cash 83000 By beginning balance(balance) $12450 To ending balance 35690 By purchases 106240 Total $118690 Total $118690