Reporting Cash Jenkins Company has the following items at year-end. Currency and coin in safe. $5,500 Funds in savings account (requires $2,000 compensating balance) 27,250 Funds in checking account 6,950 Traveler's checks 700 Postdated check 1,450 Not-sufficient-funds check 1,050 Money market fund 35,400 Required Identify the amount of the above items that should be reported as cash and cash equivalents on Jenkins Company's balance sheet.

Q: Differentiate between the accrual method and cash method?

A: The Cash Method: Revenue is reported on the income statement only when cash is received. Expenses…

Q: Cash vs. Cash Equivalence

A: Cash  Cash Equivalents  Cash is money in the form of currency. This includes all bills, coins, and…

Q: Explain different methods for cash transactions, and the costs associated with each.How these costs…

A: Cash transaction is referred as the transaction, which used to involve an immediate an outflow of…

Q: How is the account Cash Short and Over used?

A: An account that records the shortage overage of the cash is referred to as Cash Short and Over…

Q: cash and cash equivalents include

A: Introduction: Cash is used to buy goods and services and to pay off debts. Items that do not qualify…

Q: In what manner can cash receipts and cash disbursements be controlled?

A: Budget: A budget is an estimation to determine the income that will be earned and expenses that will…

Q: What's the difference between a cash business and cash accounting?

A: A business that runs primarily on cash transactions is known as a cash business. The business may…

Q: What exactly is the meaning of the word debit?

A: All transactions of an entity are presented in form of journal entries. Journal entry consists of…

Q: Define Restricted Cash.

A: Restricted cash refers to money that is held for a specific purpose and therefore not available to…

Q: What are the Examples of cash equivalents?

A: Cash & Cash equivalents: Cash is the money which is readily available in the form of currency.…

Q: What are the different risks associated in the accounting of cash

A: The element of risk arises in each and every area and how well we can minimise or reduce the risk is…

Q: Using an example, compare and contrast physical delivery and cash settlement?

A: The two most prevalent stock derivatives traded on a stock market are futures and options. These are…

Q: Why could cash be falling in a set of accounts?

A: Cash can fall in a set of accounts for a variety of reasons. These include making large purchases,…

Q: separation of duties

A: Separation of duty is the internal conttro process by which the company avoids the fraud and…

Q: Explain the meaning of imprest system of pretty cash book.

A: Petty cash book: It is a book that is maintained for recording the small expenses that are incurred…

Q: What is a "proof of cash? What purpose does it serve?

A: A four-column bank statement prepared by auditors is called proof of cash. It has a detailed…

Q: what are the differences between profit and cash?

A: Profit and cash are two quite related but two different things.

Q: Why should we count all cash at the same time?

A: It is necessary to count all cash at the same time to match physical balance with book balance. Cash…

Q: In your own definition what is credit and what is collection

A: The businesses tend to conduct their operations not only on a cash basis but also on a credit basis.…

Q: 1. Which of the following is not an advantage of computerized accounting system? Data is entered…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: Why do companies offer a cash discount?

A:

Q: What is meant by 'cash inflow' and 'cash outflow'?

A: Cash flow statement: Cash flow statement is a statement that reports the cash inflow in operating,…

Q: TRUE OR FALSE?

A: Liquid assets are the assets which can be converted in to cash with in a short period. These assets…

Q: classification of the cash

A: Word cash, paid, cheque is Given in Transaction then it will Deemed / Considered Cash Transactions.

Q: Th e assumption that the eff ects of transactions and other events are recognized when they occur,…

A: Given statement is: The assumption that the eff ects of transactions and other events are recognized…

Q: Which of the following would likely not be considered a Cash Equivalent? Savings account O Money…

A: Let us first understand the definition of : Cash Equivalent:- It is an extremely liquid investment…

Q: why is commercial paper considered as cash equivalent?

A: Cash equivalent includes: Commercial paper Certificate of deposits Treasury bills Money market…

Q: What are the primary motives for holding cash?

A: Introduction: Cash is also recognized as most liquid and lesser productive assets of the company.…

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.