The Cash T-account has a beginning balance of $26,000. During the year, $122,000 was debited and $120,500 was credited to the account.
What is the ending balance of cash?
A) ($2,500)
B) $27,500
C) $18,500
D) Cannot be determined from the information given

Question

Quizplus · Accepted Answer

The ending balance is calculated by adding the debits to the beginning balance and then subtracting the credits. Beginning balance ($26,000) + Debits ($122,000) - Credits ($120,500) = $27,500.

The Cash T-Account Has a Beginning Balance of $26,000