Clark Clocks had a cash account beginning balance of $30,250 in the month of July. The accountant posted a $1,000 credit on July 3, a $630 credit on July 8, and a $3,150 debit on July 20. What is the balance of Cash in the general ledger?

Question

Quizplus · Accepted Answer

The beginning balance was a debit of $30,250. Credits reduce the debit balance, and debits increase it. After posting a $1,000 credit and a $630 credit, the total credits equal $1,630. Subtracting this from the beginning balance gives $28,620. Then, adding a $3,150 debit increases the balance to $31,770 debit.

Clark Clocks Had a Cash Account Beginning Balance of $30,250