Lakeside Ltd. started August with a cash balance of $50,000.It collected $10,000 during the month and made cashdisbursements totalling $22,000.What is the cash balance on August 31?A. $38,000 debitB. $40,000 creditC. $62,000 debitD. $38,000 credit

Ending cash balance, August 31 = Beginning cash balance + Cash collections - Cash…

Answered: Lakeside Ltd. started August with a…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 18E

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Lakeside Ltd. started August with a cash balance of $50,000. It collected $10,000 during the month and made cash disbursements totalling $22,000. What is the cash balance on August 31? A. $38,000 debit B. $40,000 credit C. $62,000 debit D. $38,000 credit