On June 30, the Cash account of Majeau Company had a normal balance of $4,300. During July the account was debited for a total of $3,400 and credited for a total of $3,600. What was the balance in the Cash account on August 1?
A) $-0
B) $4,100 debit
C) $3,400 credit
D) $3,400 debit
E) $4,100 credit

Question

Quizplus · Accepted Answer

The balance on August 1 would be calculated by starting with the June 30 balance of $4,300, adding the debits of $3,400, and subtracting the credits of $3,600. This results in a balance of $4,100 ($4,300 + $3,400 - $3,600). Since Cash is an asset account, a positive balance is a debit balance, making the correct answer $4,100 debit.

On June 30, the Cash Account of Majeau Company Had