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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Missing amount from an account

On July 1, the cash account balance was $37,450. During July, cash payments totaled $115,860 and the July 31 balance was $29,600. Determine the cash receipts during July.

To determine

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’. T-account consists of the three main components which are as follows:

  1. (a) The title of the account
  2. (b) The left or debit side
  3. (c) The right or credit side

The cash receipts during the month of July.

Explanation

Working notes:

Closing balance=Opening balance+Cash receiptsCash payments$29,600=$37,450+Cash receipts$

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