Solution-Is the credit balance in the cash account an asset

Is the credit balance in the cash account an asset

Assignment Help Managerial Accounting

Reference no: EM132748278

Problem - McIntyre 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 $1,850, 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 $1,850 credit balance in the cash account an asset, a liability, stockholders' equity, a revenue, or an expense?

Reference no: EM132748278

Questions Cloud

Would the trial balance be out of balance : Would the trial balance be out of balance if the $2,650 entry had been journalized correctly but the credit to Cash had been posted as $2,560

Oriented design versus traditional approach : Compare the object-oriented approach to design to the traditional approach.

Discuss four concerns in the workplace : Preparing a presentation to brief the CEO on your plan to address the safety issues specific to Mexico where you are working as the expatriate manager.

Assess hazards and risks with the change in management : Strategies to assess hazards and risks with the change in management, processes and equipment in a three different scenario.

Is the credit balance in the cash account an asset : The cash account as of December 31 has a credit balance of $1,850, Is the $1,850 credit balance in the cash account an asset, a liability, stockholders' equity

What is the compensatory approach : What is the compensatory approach and under what circumstances should it be used? What is a cut score and how is it used? Provide the example.

Write out a plan for supervisor : Write out a plan, for your Supervisor including steps of progressive discipline, timing, documentation, and potentially termination

Open ledger of standard four-column accounts for Hearts Inc : Cash, 11, $4,123; Accounts Receivable, 12, $6,725; Supplies, 13, $290; Prepaid Insurance, 14, $465; Open ledger of standard four-column accounts for Hearts Inc

Give example of each of four types of data for evaluation : Give one example of each of the four types of data for evaluation that you would use to evaluate either your own new program or a ready-made online program.

User Account

All Pages

Is the credit balance in the cash account an asset

Reference no: EM132748278

Reference no: EM132748278

Questions Cloud

Reviews

Write a Review

Managerial Accounting Questions & Answers

How business will be impacted

Britney brown, the plant manager of lmn co. s chicago plant

What is the net operating income for the month

Prepare the company process cost summary for october

Producing the less profitable products

Find what is the maximum amount perfume division

What amount of retained earnings reported on the december

What is the potential savings to sky high pie per year

What is the market share variance

What is the correct course of action regarding product a

Summarize the process that deb young used to develop

Determine Raw material cost for May production

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT