Proving Cash a. When does a business that uses special journals update the Cash in Bank

Chapter 17, Problem 7

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QUESTION:

Proving Cash

a. When does a business that uses special journals update the Cash in Bank account in the general ledger?

b. How does an accountant prove cash?

Questions & Answers

QUESTION:

Proving Cash

a. When does a business that uses special journals update the Cash in Bank account in the general ledger?

b. How does an accountant prove cash?

ANSWER:

                                                            Step 1 of 3

Cash balance is the total of cash reserves a company holds in its bank accounts at a specific time. The total cash balance is reported in the balance sheet as they are the current assets of the company.

                                                           

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