A business started the month with a credit balance in the Cash at Bank account of $3,200.
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Question:
A business started the month with a credit balance in the Cash at Bank account of $3,200. The following transactions occurred during the month. The business recorded revenue of $12,500 of which $5,700 is collected in cash with the balance on account. The business borrowed $3,500 from Hong Kong Bank. The business paid a cash dividend of $1,200 and interest on the account charged by the bank was $120. The closing balance of Cash at Bank account is:
a.$8 900
b.$6 000
c. $4 680
d. $1 180
e. None of the above
Related Book For
Horngrens Accounting
ISBN: 978-0134674681
12th edition
Authors: Tracie L. Miller-nobles, Brenda L. Mattison, Ella Mae Matsumura
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