On March 1, 2024, Brightstone Enterprises reported a cash balance of $55,000. During the month, the company collected $18,000 in cash from customers and made disbursements totaling $28,000. What is the cash balance on March 31, 2024? a) $45,000 b) $38,000 c) $60,000 d) $50,000
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what is the cash balance on march 31,2024?
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- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.Get Answer of this General Accounting QuestionBelow is information about Adam Ltd’s cash position for the month of May 2020. The general ledger Cash at Bank account had a balance of $42,400 on 30 April. The cash receipts journal showed total cash receipts of $585,408 for May. The cash payments journal showed total cash payments of $530,148 for May. The June bank statement reported a bank balance of $82,368 on 30 May. Outstanding cheques at the end of May were: no. 221, $2896; no. 225, $308; and no. 230, $820. Cash receipts of $20,180 for 31 May were not included in the May bank statement. A dishonoured cheque written by a client Jim Ltd, $272 A credit for an electronic transfer from a customer of $1,288 Interest earned, $88 Account and transaction fees, $24 Required: Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May. Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account.…
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