The Cash account balance of Kingbird, Inc. at July 1 is $570. The total of the debit entries to the Cash account amounted to $1710 and the total of the credit entries to the Cash account amounted to $1710 during July. At the end of the month, the Cash account has a

The Cash account balance of Kingbird, Inc. at July 1 is $570. The total of the debit entries to the Cash account amounted to $1710 and the total of the credit entries to the Cash account amounted to $1710 during July. At the end of the month, the Cash account has a

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

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.

Question

The Cash account balance of Kingbird, Inc. at July 1 is $570. The total of the debit entries to the Cash account amounted to $1710 and
the total of the credit entries to the Cash account amounted to $1710 during July. At the end of the month, the Cash account has a
O $570 credit balance.
O $2280 debit balance.
O $570 debit balance.
O $1710 credit balance.
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