Question

b. On October 1, the accounts receivable account balance was $114,700. During October, $445,600 was collected from customers on account. Assuming the October 31 balance was $130,650, determine the fees billed to customers on account during October. fill in the blank 1 of 1$

Answer 1

Hey, it looks like you're dealing with some accounting calculations! To determine the fees billed to customers on account during October, we can use the following equation:

Beginning Balance + Fees Billed - Collections = Ending Balance

Let's fill in the values we know:

$114,700 + Fees Billed - $445,600 = $130,650

To find the fees billed, we can rearrange the equation:

Fees Billed = Ending Balance - Beginning Balance + Collections

Let's plug in the values:

Fees Billed = $130,650 - $114,700 + $445,600

Calculating that gives us:

Fees Billed = $461,550

So, the fees billed to customers on account during October were $461,550.