Rabun 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 $2,500 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: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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