Qu. 4-13 O The balance In a company's Cash account...The balance in a company's Cash account on August 31 was $19,800 before the banık reconciliation was prepared.statement and items included with it, the company's accountat found:Checks outstanding$4,100NSF check120Note collected by bank for the Colt CompanyDeposits outstandingBank service fees1,9003,600230What is the amount of cash that should be reported in the balance sheet as of August 31?Multiple Choice$21,350.23 of 50Drou

A cash account refers to the account which reflects all the money transactions made by an entity.

Answered: Colt Company 1. 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…
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