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Accounting (Text Only)
Cash account balance
During the month, Warwick Co. received $515,000 in cash and paid out $375,000 in cash.
a. Do the data indicate that Warwick Co. had net income of $140,000 during the month? Explain.
b. If the balance of the cash account is $200,000 at the end of the month, what was the cash balance at the beginning of the month?
(a)
T-account:
An account is referred to as a T-account, because the alignment of the components of the account resembles the capital letter ‘T’. An account consists of the three main components which are as follows:
- The title of the account
- The left or debit side
- The right or credit side
To indicate: Whether the Company W had net income during the month.
The company received $515,000 and paid out $375,000 the amount balance of
(b)
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