GENERAL LEDGER ACCOUNT TITLE     CASH                                                     ACCOUNT NO. 11 DATE ITEM PREF. DEBIT   CREDIT   DEBIT BALANCE  CREDIT BALANCE 7/01/18 Balance       $50,000   7/15/18     12,000    ? or  ?    Group of answer choices $12,000 credit balance $62,000 debit balance $12,000 debit balance $62,000 credit balance

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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After posting the July 15 journal entry below to the cash account in the ledger, what would the updated balance in the cash account--the dollar amount on the debit or credit side? (Note: The company had a beginning debit balance of $50,000 on July 1 that should be included.)

                                         JOURNAL                                    page 2

DATE

DESCRIPTION

POST. REF.

DEBIT

     CREDIT

7/15/18

Cash

 

$12,000

 

 

     Fees Earned

 

 

$12,000

 

GENERAL LEDGER

ACCOUNT TITLE     CASH                                                     ACCOUNT NO. 11

DATE

ITEM

PREF.

DEBIT

 

CREDIT

 

DEBIT BALANCE 

CREDIT BALANCE

7/01/18

Balance

 

 

 

$50,000

 

7/15/18

 

 

12,000 

 

? or 

 

Group of answer choices
$12,000 credit balance
$62,000 debit balance
$12,000 debit balance
$62,000 credit balance
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