At March 1, 2023, Summit Corporation reported a cash balance of $78,000. During the month, Summit collected cash of $42,000 and made disbursements of $56,000. At March 31, 2023, what is the cash balance? A. $64,000 credit B. $64,000 debit C. $92,000 debit D. $92,000 credit

At March 1, 2023, Summit Corporation reported a cash balance of $78,000. During the month, Summit collected cash of $42,000 and made disbursements of $56,000. At March 31, 2023, what is the cash balance? A. $64,000 credit B. $64,000 debit C. $92,000 debit D. $92,000 credit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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Question

I need guidance with this general accounting problem using the right accounting principles.

At March 1, 2023, Summit Corporation reported a cash balance of $78,000.
During the month, Summit collected cash of $42,000 and made
disbursements of $56,000. At March 31, 2023, what is the cash balance?
A. $64,000 credit
B. $64,000 debit
C. $92,000 debit
D. $92,000 credit

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