On June 1, the cash account balance was $94,550. During June, cash receipts totaled $338,480 and...

On June 1, the cash account balance was $94,550. During June, cash receipts totaled $338,480 and the June 30 balance was $67,110.

Determine the cash payments made during June.

$_____________

Solutions

Expert Solution

Correct Answer is $365,920

Explanation:

We know that:

Opening Balance of Cash + Cash Receipts during the Month - Cash Payments during the Month = Closing Balance of Cash

Putting the given figures in the above equation, we get:

$94,550 + $338,480 - Cash Payments during the Month = $67,110

Therefore, Cash Payments during the Month = $365,920

Hence, the cash payments made during June $365,920

ekkarill92 answered 2 years ago

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