Kemp Company adheres to a policy of depositing all cash receipts in a bank account and making
Question:
(a) Assuming no errors occurred during journalizing or posting, what caused this unusual balance?
(b) Is the $3,000 credit balance in the cash account an asset, a liability, owner's equity, a revenue, or an expense?
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Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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