Need answer the financial accounting question not use ai and chatgpt Cullumber Supplies Co. owns the following items:ItemCash in bank savings accountCash on handAmount ($)$9,500$950Cash refund due from the government $1,200Chequing account balancePostdated cheques$15,000$600What amount should Cullumber Supplies Co. report as cash?

Cullumber Supplies Co. should report as cash only the items that are considered cash equivalents,…

Answered: Cullumber Supplies Co. owns the…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.9MCE

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What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR
To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750
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Novak Enterprises owns the following assets at December 31, 2025. Cash in bank-savings account $67,800 Cash on hand Cash refund due from IRS 8,710 Cash to be reported $ 33,800 What amount should be reported as cash? Checking account balance Postdated checks Certificates of deposit (180-day) $22,500 850 94,980
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What total amount should be reported as cash at year-end? Affable Company provided the following information at year-end comprising the cash account: 5,000,000 400,000 5,000 1,500,000 50,000 100,000 1,000,000 500,000 Cash in bank – demand deposit Cash on hand Postage stamps unused Certificate of time deposit Money order Manager's check Traveler's check Postdated customer check
What is the correct amount of cash? * The statement of financial position of Money Company on December 31, 2020 shows cash of P330,820. The following items were found to comprise this total amount: Checking account in Metrobank Savings account at Far East Bank Petty cash fund (including expense receipts of P250) Cash on hand (undeposited sales receipts) Sinking fund cash Cash in foreign bank (in equivalent pesos) Customers' checks on hand – traveler's check 105,200 30,800 1,500 4,200 35,000 65,000 14,000 23,120 Customers' checks on hand - manager's check Short-term treasury bills Money Company also has on hand a check payable to supplier amounting to P62,000, which has been recorded in the cash disbursements journal in December. The sinking fund is intended to be used to settle the firm's noncurrent bonds payable. 52,000 What is the correct amount of cash?
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Question-Given the following information, what amount would be recorded for cash on the balance sheet? Balance per bank $ 98,500 Balance per books $103,150 Auto pay on a loan $9,400 Bank fees $350 NSF check $1,200 Outstanding checks $14,200 Outstanding deposits $8,100 Recorded a deposit for $1,000 that was really $1,200 (bank recorded it correctly)

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Cullumber Supplies Co. owns the following items: Item Cash in bank savings account Cash on hand Amount ($) $9,500 $950 Cash refund due from the government $1,200 Chequing account balance Postdated cheques $15,000 $600 What amount should Cullumber Supplies Co. report as cash?