Progressive Problems in Bookkeeping and Accountancy

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922. Excerpt: ... PROGRESSIVE PROBLEMS IN BOOKKEEPING AND ACCOUNTANCY TOPIC I Cash Account Questions 1. What is meant by cash? 2. What does the cash account show? 3. What does the debit side of the cash account show? The credit side? 4. Which side of the account, if either, must always be the larger? Why? 5. If the credit side of the account is the larger, what does that show? Why? 6. Can the credit side of the account show a larger amount than the debit side? Give a reason for your answer. 7. How is the account closed? 8. On which side of the account must the balance appear? 9. To which side is the balance afterward brought down? Why? 10. What is the purpose of closing the cash account? 11. What is meant by a balance in the cash account or cash book? PROBLEMS 1. The debit items in the cash account are: $15, $56.50, $75, $98, $134.60, $82.50, $95.25; the credit items are: $10, $25.40, $150.60, $23, $19.10, $54.70. What is the balance of the account? 2. The following amounts of money have been received by the firm of Cole & King, City, during the past month: $165, $125, $1,500, $450.65, $13.89, $19.40, $189.93, $345.49, $500, and $1,974.23. During the same period the firm paid out $45.67, $73.27, $354, $65, $129.70, $63.78, $794, $100, $245, and $156.75. Determine the balance remaining at the end of the month. 3. Find the balance of Cole & King's account after the following amounts have been entered: Receipts--$250, $56.60, $290.50, $184, $23.78, $82.19, $34.49, $56, $75, $35, $100, and $46.30. Disbursements--$135.78, $35.78, $50,90, $26.13, $245.85, $500, $11.47, $15, $22.19, $49.54, and $109. 4. What is the balance of the cash account with the follow ing transactions: Balance on hand $350.45 Received cash in full of acct. from H. Miller... 45.90 Received cash from Brownin...