1.On June 30, the Cash account of Lutness Company had a normal balance of $4,300. During...
1.On June 30, the Cash account of Lutness Company had a normal balance of $4,300. During July the account was debited for a total of $3,400 and credited for a total of $3,600. What was the balance in the Cash account on August 1? Select one: a. $3,400 credit. b. $4,100 debit. c. $4,100 credit. d. $3,400 debit.
2.Any expenditures for legal fees, surveying, and accrued property taxes should not be included in the cost of land. Select one: True False
Homework Answers
1.
Cash balance, beginning = $4,300
Cash receipts = $3,400
Cash payments = $3,600
Cash balance, ending = ?
Cash balance, ending = Cash balance, beginning + Cash receipts - Cash payments
= 4,300 + 3,400 - 3,600
= $4,100
Balance in the Cash account on August 1 = $4,100 debit
Correct option is (b)
2.
Any expenditures for legal fees, surveying, and accrued property taxes should not be included in the cost of land.
The given statement is false.
Any expenditure incurred for legal fees, surveying, and accrued property taxes at the time of purchase of Land, is included in the cost of the Land
Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubt. Thanks.
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