6)Cash had a beginning balance of $70, 600. During the month, Cash was credited for $16, 170 and debited for $18,830. At the end of the month, the balance is: A)$2, 660 debit. B)$73, 260 debit. C)$2, 660 credit. D)S 73, 260 credit.

6)Cash had a beginning balance of $70, 600. During the month, Cash was credited for $16, 170 and debited for $18,830. At the end of the month, the balance is: A)$2, 660 debit. B)$73, 260 debit. C)$2, 660 credit. D)S 73, 260 credit.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 4CE

See similar textbooks

Related questions

Q: On September 30, Valerian Co. had a $111,500 balance in Accounts Receivable. During October, the…

A: Given: Data for Accounts receivables: Opening - $111,500 Collection Made - $111,890 Closing -…

Q: Using the data in the preceding question, assume accounts receivable had a beginning balance of…

A: Given information is: Net credit Sales = $807,800 Beginning Account Receivables = $67,400 Ending…

Q: On 1 October 20X2, the receivables' balance at G was $80,000. A summary of the transactions in the…

A: We have the following information: (Opening Balance) On 1 October 20X2, the receivables' balance at…

Q: A company has the following account balances at the end of the year:• Credit Sales = $400,000•…

A: Bad debt expense: Bad debt expense is an expense account. The amounts of loss incurred from…

Q: The opening balance of accounts receivable is $20,000. During the month, $10,000 in sales were made…

A: On a company's balance sheet, accounts receivable is a current asset that reflects the sum of money…

Q: Swan Corporation received a four-month, 8%, $1,650 note receivable on March 1. Theadjusting entry on…

A: Given information is: Value of Note Receivable = $1650 Interest rate = 8% Period = 4 months

Q: Sheffield Bikes Ltd. reports cash sales of $4,300 on October 1. (a) Record the sales assuming they…

A: Journal: Recording of a business transactions in a chronological order.

Q: A company’s accounts receivable balance after posting net collections from customers is $150,000.…

A: Net realizable value of the accounts receivable = Accounts receivable - Allowance for doubtful…

Q: A. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include…

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

Q: On December 1, the Notes Receivable account had a normal balance of $130,000. During December, the…

A: Balance of the account on December 31 = Beginning balance + Amount debited - Amount Credited

Q: Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending…

A: The account receivables are also known by the name of debtors. These are the values due to a firm on…

Q: On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May.…

A: Solution: Accounts Receivable are the balance of amount which is due to a company for the goods…

Q: The January 1 balance in accounts receivable was $22,000. All sales during the period were on credit…

A: Accounts receivable are the money owed to a company by its customers. This happens because of Credit…

Q: On July 31, Bristlecone Pine Art Ltd. had a $54,500 balance in Accounts Receivabl- and a $3,100…

A: The allowance for uncollectible accounts records the estimated bad expense for the period.

Q: iary calculations to two decimal places and your final answer to the nearest day.) A. 54 days.

A: The right answer is c]option C. 46 days.

Q: At December 31, 2021, the accounts receivable balance is

A: The account receivable is the amount which is due to the firm for goods or services delivered to its…

Q: . A company with net credit sales of $960,000, beginning net receivables of $70,000, andending net…

A: Calculate accounts receivable turnover: Accounts receivable turnover = $960,000 / ($70,000 +$90,000)…

Q: Jasper Company had a beginning Accounts Receivable balance of $230,000. During the month, total…

A: Normal balance of accounts receivable is debit.

Q: Entries during the first month would include a O debit to Cash of $110,380. O debit to Bad Debt…

A: Approach to solving the question: Detailed explanation: Examples: Key references: Financial…

Q: A company recorded the following transactions: cash sales $10,000, credit sales $20,000, cash…

A: ACCOUNT RECEIVABLE TURNOVER RATIO Account Receivable Turnover Ratio is the Ratio Between Net…

Q: Lundquist Company received a 60-day, 6% note for $37,500, dated July 23, from a customer on account.…

A: A ) Lundquist company received $ 37500 on July 23 from customer , for 60 days. Calculation of Due…

Q: A credit card balance at the beginning of November is $4,000. On Nov. 3 a $300 charge is made. On…

A: daily average balance formula: daily average balance =sum of daily balancebilling period

Q: On April 30, Holden Company had an Accounts Receivable balance of $18,00O. During the month of May.…

A: Accounts receivables are the dues that the company is entitled to receive from credit purchasers.…

Q: On May 1, Jensen's had a beginning cash balance of $284. April sales were $810 and May sales were…

A: A cash budget is an estimation of expected cash receipts and disbursements on the basis of past…

Q: Net credit sales total $1,264,800. Beginning and ending accounts receivable are $38,000and $43,600,…

A: Average accounts receivable = (Beginning accounts receivable+ending accounts receivable) / 2…

Q: The Swivel Chair Company manufacturers a standard recliner. During February, the firm's Assembly…

A: Conversion costs is the amount of cost incurred on the direct labor and factory overheads of the…

Q: ABC Co. has an average collection period of 60 days. Total credit sales for the year were…

A: Formula = Average collection period = ( Accounts receivable / sales ) × 365 days It has been…

Q: On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May,…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: payables payment period

A: Payables Payment period = ( Average Accounts Payable)/( Total credit purchases/365 days)

Q: The balance in Accounts Receivable was $650,000 at the beginning of the year and $770,000 at the end…

A: ACCOUNTS RECEIVABLEAccounts Receivable are reported under the current assets section of the Balance…

Q: During the month of February, Hoffer Company had cash receipts of $8,100 and cash disbursements of…

A: Opening Balance of a Cash Account = Closing Balance of cash account+ Cash Disbursement - Cash…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

6)Cash had a beginning balance of $70, 600. During the month, Cash was credited for $16, 170 and debited
for $18,830. At the end of the month, the balance is: A)$2, 660 debit. B)$73, 260 debit. C)$2,660 credit. D)$
73, 260 credit.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Cash Budget

VIEW

Step 2: Ending cash balance

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
The January 1 balance in accounts receivable was $22,000. All sales during the period were on credit and totaled $647,000. Collections on account were $631,000. Write-offs during the year totaled $28,000. What is the ending balance in accounts receivable? A. $10,000 Dr balance B. $18,000 Cr balance C. $6,000 Dr balance D. $34,000 Dr balance
On April 30, Holden Company had an Accounts Receivable balance of $18,00O. During the month of May. total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13,000. What was the amount of credit sales during May? $52,000. $32,000. $47,000. $57,000. $5.000.
Swan Corporation received a four-month, 8%, $1,650 note receivable on March 1. Theadjusting entry on March 31 will includea. a debit to Interest Receivable for $44.b. a credit to Interest Revenue for $11.c. a debit to Cash for $132.d. a debit to Interest Receivable for $132.
On December 1, the Notes Receivable account had a normal balance of $130,000. During December, the account was debited for a total of $20,000 and credited for a total of $10,000. What was the balance of the account on December 31?
Sheffield Bikes Ltd. reports cash sales of $4,300 on October 1. (a) Record the sales assuming they are subject to 13% HST. (b) Record the sales assuming they are subject to 5% GST and 9.975% QST. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entrles. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit (a) Oct. 1 (b) Oct. 1
On 1 October 20X2, the receivables' balance at G was $80,000. A summary of the transactions in the month of October is set out below. $ Cheques received 100,000 Contra payables 6,000 Sales 90,000 Returns inwards 4,000 Discounts allowed 10,000 The receivables' balance at 31 October was $ ........................................
At December 1, 2021, Vaughn Company's accounts receivable balance was $1860. During December, Vaughn had credit revenues on account of $7080 and collected accounts receivable of $6070. At December 31, 2021, the accounts receivable balance is $850 credit. Ⓒ $850 debit Ⓒ $2870 debit. O $2870 credit.
What is the Correct Answer
Sheridan Company provided the following information for the month of October: Beginning cash balance=$34700 Cash receipts=459600 Cas disbursements=486000 Sheridan's policy is to keep a minimum end-of-the-month cash balance of $29300. How much will Sheridan need to borrow during October? $21000 $26400 $8300 $0
Jasper Company had a beginning Accounts Receivable balance of $230,000. During the month, total sales of $765,000 were made. Of the total sales, $250,000 were cash sales while the remaining amount was credit sales. The company collected $555,000 from customers for amounts owed. Fill in the amounts in the T-account, including the ending Accounts Receivable balance. Accounts Receivable Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text.
Need Help with this Question