Accounting assistance please?
a company has a policy of depositing adjectives cash receipts and making adjectives payments by check. the cash acct. have a balance of 2500 near no undeposited cash on foot. (a) assuming no errors occured during journalizing or posting, what caused this unusual go together? (b) is the 2500 credit balance surrounded by the cash sketch an asset, a liability, owner's equity, a revenue, or an expense?Answers: According to the question, a company "have a balance of 2500".
(a) assuming no errors occured during journalizing or posting, what cause this unusual balance?
What is so unusual going on for the balance? Or did you tight that the company has a credit go together of $2500? If that's what you mean, next it's unusual only if the co. doesn't hold overdraft facilities near the bank. If it have, then it can be a credit be a foil for every day. So assuming it doesn't enjoy o/d facilities, it could own arisen because the person issuing cheques didn't hold track of how much money the co. has within the bank a/c and issued cheques when the co. have no money left. That would bring the be a foil for into credit. In practice the cheques would bounce cos the bank is not going to clear them seeing that the co. have no overdraft facilities.
(b) is the 2500 credit match in the currency account an asset, a liability, owner's equity, a revenue, or an expense?
A credit set off is theoretically an overdraft go together and is a liability account.
Always an asset. Remember that assets equal liability and net worth. The symmetry is due an increase in web worth via the income statement.
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