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Question: 1. Regan 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 August 31 has a credit balance of $1,200, 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 $1,200 credit balance in the cash account an asset, a liability, stockholders' equity, a revenue, or an expense?
2. What proof is provided by a trial balance?
apr. 1 sold merchandise for 3000 granting the customer terms of 210 eom invoice dated april 1. the cost of the
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The total assets of Yap Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Yap Co.'s owner's equity?
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In 2003, Roland, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Roland owed $140,000 on the mor..
on 1 january 2014 special ltd acquired a wood lathe for 31 500 which included shipping charges of 500. the lathe has an
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On November 8, 2003, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?
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