Question 1 regan company adheres to a policy of depositing, Ask an Expert

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Question: 1. Regan Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of August 31 has a credit balance of $1,200, and there is no undeposited cash on hand.

(a) Assuming that no errors occurred during journalizing or posting, what caused this unusual balance?

(b) Is the $1,200 credit balance in the cash account an asset, a liability, stockholders' equity, a revenue, or an expense?

2. What proof is provided by a trial balance?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92336156

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