Consider the following Cash and Accounts Payable T accounts Required a How would
Consider the following Cash and Accounts Payable T-accounts:
Required:
(a) How would each of these accounts be classified in a balance sheet?
(b) What type of balance should each T-account normally have?
(c) Compute the balance of each of these accounts.
(d) Identify two possible, different types of transactions that would have resulted in the $8,000 posting to the Cash account.
(e) Identify two possible, different types of transactions that would have resulted in the $5,000 posting to the Accounts Payable account.
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