Solved

Identify Whether a Company Should Debit (Dr)or Credit (Cr)its Cash

Question 116

Essay

Identify whether a company should debit (Dr)or credit (Cr)its Cash account to record each of the following transactions:
1._____ The company writes a $197.06 check.
2._____ The company deposits a $5,000 check into its account.
3._____ In a bank reconciliation,the company discovers that it recorded a $127.35 payment to a supplier as $27.35.
4._____ The bank pays $16.00 interest on the company's account.
5._____ The company electronically transfers $867 to a supplier.
6._____ A customer check in the amount of $31 is returned by the bank as NSF.
7._____ The bank charges $12 in fees to the company's bank account.
8._____ When preparing the bank reconciliation,the company's accountant discovers a check in the amount of $1,000 that had been written but had not been recorded.
9._____ A customer electronically transfers $189.43 to the company's bank account.

Correct Answer:

verifed

Verified

1.Cr
2.Dr
...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions