Question
In: Accounting
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 agoRelated Solutions
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