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Question 2.5: Missing Amount from an Account On March 1, the cash account ......

Missing Amount from an Account

On March 1, the cash account balance was $22,350. During March, cash receipts totaled $241,880 and the March 31 balance was $19,125. Determine the cash payments made during March.

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Using the following T account, solve for the amount of cash payments (indicated by ? below).

$ 19,125 = $ 22,350 + $ 241,880 − Cash payments

Cash payments = $ 22,350 + $ 241,880 − $ 19,125 = $ 245,105

Cash
Mar. 1 Bal.             22,350 ?       Cash payments
Cash receipts  241,880‾\underline{ 241,880}
Mar. 31 Bal.            19,125

 

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