College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 6, Problem 5QY
To determine
Find the correct option, the option that does not describe the difference between the cash balance in the Cash account of the company, and the cash balance on the bank statement.
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Check out a sample textbook solutionStudents have asked these similar questions
The type of account and normal balance of Petty Cash is a(n)
Select one:
A. asset, debit
B. revenue, credit
C. liability, credit
D. expense, debit
The closing balance of the petty cash book is considered as ___________________
Select one:
A. income
B. liability
C. expense
D. asset
Define the following concepts?
a. Petty cash funds.
b. Escrow payment.
c. Chart of accounts.
Chapter 6 Solutions
College Accounting (Book Only): A Career Approach
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
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- What does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?arrow_forwardWhat steps are followed in posting cash receipts from the general journal to the accounts receivable ledger?arrow_forwardAccounting information systems have five generic parts. Outputs of the purchases and cash disbursements can include: A Schedule of accounts payable. B Checks. C Both schedule of accounts payable and checks. D Neither schedule of accounts payable nor checks.arrow_forward
- A cash book is used to record ____________ Select one: a. all cash and credit sales b. all receipts and payments of cash c. all cash receipts only d. all cash payments onlyarrow_forwardWhich of the following is most likely to be a general ledger control account? Select one: O a. Prepaid Rent O b. Petty Cash O c. Owners Equity O d. Sundry Debtorsarrow_forwardA minimum cash balance required by a bank is called a.a compensating balance b.an EFT c.cash in bank d.a cash equivalentarrow_forward
- In which of the following transaction, bank account will be debited? O a. Purchased goods on cash O b. Sold goods on credit O c. Cash paid to supplier O d. Cash deposited into bankarrow_forward4. Which of the following is a true statement about petty cash account? a. It is a current liability account b. It is non-current liability account c. It is a current asset account d. It is a non-current asset accountarrow_forward26. This is used to record cash payments. A. cash disbursement journal B. cash receipts journal C. purchase journal D. sales journal 27. This contains the details supporting the balance in the general ledger account. A. general ledger B. subsidiary ledger C. ledger D. none of the above 28. This is also known as the controlling account. A. cash receipts journal B. notes payable C. accounts receivable D. general ledger 29. This type of entry involves only two accounts: one debit and one credit. * A. compound entry B. dual entry C. simple entry D. jumbled entry 30.It is an entry that requires three or more accounts. A. compound entry B. dual entry C. simple entry D. jumbled entry 31.This type of special journal makes use of official receipts issued by companies. A. cash disbursement B. cash receipts C.…arrow_forward
- All of the following may be included in cash except a. currency b. checking account balance c. saving account balancearrow_forwardThe debit recorded in the journal to reimburse the petty cash fund is to Oa. Petty Cash Оb. Сash Oc. various accounts for which the petty cash was disbursed Od. Accounts Receivablearrow_forwardFor each receipt in the cash book, postings should be made to the . A. Credit side of the respective account. B. Debit side of the respective account C. Debit side of the cash book D. Credit side of the cash bookarrow_forward
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