Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac

تمرين 34

McIntyre Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit balance of $1,850, and there is no undeposited cash on hand.
(a) Assuming that no errors occurred during journalizing or posting, what caused this unusual balance
(b) Is the $1,850 credit balance in the cash account an asset, a liability, owner's equity, a revenue, or an expense