Answered: A deposit of $25,000 made by Federal…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

A deposit of $25,000 made by Federal Trading appeared on the bank statement of Fidel Trading.

hello, i am working on a Cash Book and did this as the entry for the statement above. would that be correct? if so can you explain how?

cashbook

DATE	ACCOUNT TITLE	DEBIT	DATE	ACCOUNT TITLE	CREDIT
30-November-10	Accounts receivable	$25000

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

Expert Solution