FUND  ACCOUNTING PRINCIPLES CONNECT
FUND ACCOUNTING PRINCIPLES CONNECT
25th Edition
ISBN: 9781265342395
Author: Wild
Publisher: MCG
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Chapter 8, Problem 5QS
To determine

Concept Introduction:

Cash and Cash Equivalents:

Cash is the category that includes currency, coins, and deposits in bank accounts. Cash Equivalent is the category that includes short-term and highly liquid assets which are readily convertible into cash. Liquidity is the term used for a company’s ability to pay off its liabilities.

To Prepare:

The journal entry for Cash Sales and Cash Over and Short for each of the situations given.

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Reporting Cash  Tina Company has the following items at year-end. Currency and coin in safe. $4,100 Funds in savings account   (requires $2,500 compensating balance) 26,540 Funds in checking account 6,750 Traveler’s checks 625 Postdated check 1,250 Not-sufficient-funds check 1,880 Money market fund 35,100   RequiredIdentify the amount of the above items that should be reported as cash and cash equivalents on Tina Company’s balance sheet.  Cash and Cash Equivalents = $Answer
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