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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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Question

You gather the following information before doing the month end account reconciliation.

Cash per books, month end

$5,640

Deposits in transit

425

Electronic collection of accounts receivable

1,340

Interest expense

156

Outstanding cheques

1,200

NSF cheques

450

Calculate the adjusted cash balance per books (dollars, no comma or dollar signs, e.g. 3520

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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