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Is the credit balance in the cash account an asset

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Problem - Weir Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit balance of $3,190, and there is no undeposited cash on hand.

(a) Assuming no errors occurred during journalizing or posting, what caused this unusual balance?

(b) Is the $3,190 credit balance in the cash account an asset, a liability, stockholders' equity, a revenue, or an expense?

Reference no: EM132679390

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