Answered: ers for $6,200 cash. 1. Post the se…

ers for $6,200 cash. 1. Post the se trans actions to the Cash T-account. Assume the balance of Cash bef ore ti $4,200. 2 Calculate the ending balance of the Cash account.

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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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

ers for $6,200 cash.
1. Post the se trans actions to the Cash T-account. Assume the balance of Cash bef ore ti
$4,200.
2 Calculate the ending balance of the Cash account.

Expert Solution

Step 1

Solution:-1

Cash Account
Particulars	Amount	Particulars	Amount
Opening balance	$ 4,200	Purchase equipment	$ 11,500
Sell common stock	$ 10,000	pay employee salaries	$ 3,700
Provide services to customers	$ 6,200
		Ending balance	$ 5,200
Total	$ 20,400	Total	$ 20,400

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