The cash account of Grande Home Improvement Store shows the following: a debit on June 1 for $25,000;a credit on June 5 for $10,000,a debit on June 16 for $14,000,and a credit on June 27 for $8,000.What is the balance in the cash account at the end of June?

Question

Quizplus · Accepted Answer

Starting with the debit of $25,000 on June 1, the balance in the cash account is initially $25,000 debit. The credit of $10,000 on June 5 reduces the balance to $15,000 debit. The subsequent debit of $14,000 on June 16 increases the balance to $29,000 debit. Finally, the credit of $8,000 on June 27 brings the balance down to $21,000 debit. Therefore, the answer is B, $21,000 debit.

The Cash Account of Grande Home Improvement Store Shows the Following