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Accounting (Text Only)
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.
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:
- (a) The title of the account
- (b) The left or debit side
- (c) The right or credit side
The cash receipts during the month of July.
Working notes:
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