The beginning-of-the-period cash balance for the Taylor Company was a $12,000 debit. Cash sales for the month were $8,000 and sales on account were $8,000. The company paid $2,500 cash for current-period purchases and also paid $3,000 cash for amounts due from last month.
What is the ending debit or credit balance in the Cash account?

Question

10-09-2022
Mathematics

Answered

The beginning-of-the-period cash balance for the Taylor Company was a $12,000 debit. Cash sales for the month were $8,000 and sales on account were $8,000. The company paid $2,500 cash for current-period purchases and also paid $3,000 cash for amounts due from last month.
What is the ending debit or credit balance in the Cash account?

Answer :

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amcool amcool · Answer 1 · 2022-09-13T16:49:46-04:00

Based on the calculation below, the ending debit balance in the Cash account is $14,500.

How do we calculate the Cash account ending balance?

The ending balance in the Cash account can be calculated using the following formula:

Ending balance = Beginning-of-the-period cash balance + Cash sales for the month - Current-period purchases - Amounts due from last month .......... (1)

Substituting all the relevant into equation (1), we have:

Ending balance = $12,000 + $8,000 - $2,500 - $3,000

Ending balance = $14,500

Since the $14,500 is positive, this implies that the ending can balance is debit.

Note that sales on the account is not cash transaction and that is it is not included in the calculation.

Learn more about cash balance here: https://brainly.com/question/24183362.

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