Cash in the bank is reported on the balance sheet dated, Ask an Expert

Accounting

Cash in the bank is reported on the balance sheet dated December 31,2012 is composed of:

Checking account: $324,935
Money market savings account that does not have checking privileges: $100,000
Certificate of deposit, 2% maturing on May 1st 2013=$25,000
Certificate of deposit, 1.5% maturing on January 15th, 2013=$50,000
Cash held as compensating balance, to be held until January 1st, 2015=$10,000

Required: Make necessary journal entries to correct the cash account

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91193115

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