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Sagot :
A company's cash account contains total debit entries totaling $27,500 and total credit entries totaling $24,900 in its first month of operations. The cash account has a debit balance of $2,600 at the end of the month.
All of a company's accounts are initially balance-free. During the first month of operation, this company has debit entries for cash totaling $27,500 and credits totaling $24,900 in its cash account. Cash balances in asset accounts rise when debits are made, while credits fall when credits are made. At the conclusion of the period, the cash account will have a $2,600 debit balance (i.e., $27,500 dr. $24,900 cr. = $2,600 dr.; an account has a debit balance when its debits exceed its credits).Any securities transactions involving a cash account with a brokerage firm must be paid for in full using funds in the account at the time of the settlement.
The complete question is :
In its first month of operations, a company's cash account has total debit entries amounting to $27,500 and total credit entries amounting to $24,900. At the end of the month, the cash account has a
a. $2,600 debit balance
b. $2,600 credit balance
c. $27,500 debit balance
d. $52,400 debit balance
e. $0 balance
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