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Which account is debited if a client pays 5,000 by check? A cash of 875 is taken from the bank account of the business and placed into petty cash, which account is credited?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 6QY

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

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Which account is debited if a client pays 5,000 by check?
A cash of 875 is taken from the bank account of the business and placed into petty cash, which account is credited?

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