Cash Accounts Review

(2 pages)
Previewing page 1 of actual document.

Cash Accounts Review


Lecture number:
14
Pages:
2
Type:
Lecture Note
School:
Miami University, Oxford
Course:
Acc 221 - Intro to Financial Accounting
Edition:
1
Documents in this Packet

Unformatted text preview:

Lecture 14 Outline of Previous Lecture  Section 13: The Cash Account  Cash Account Entries o Cash Account: money goes in or comes out o Bank Reconciliation  Bank Balance is Wrong o Deposits Outstanding o Check Outstanding  Company Balance is Wrong o Service Charges o Collection of a Note Outline of Current Lecture  Section 14: Review Cash Account  Cash Accounts o Uses  Bank Balance is Wrong o Deposits Outstanding o Check Outstanding  Company Balance is Wrong o Service Charges o Collection of a Note Current Lecture  Section 14: Review Cash Account  Cash Accounts o Uses  Main function is to have the company’s money flowing in and out. However, at the end of the accounting cycle when reconciling the balances, the balance may not always be correct, depending on if all of the transactions have been recorded in both the company’s side and the bank’s side of the balance recordings.  Two causes for accounts to be wrong  Bank balance is wrong  Company balance is wrong  Bank balance is wrong o Deposit outstanding ACC 221 1st Edition



View Full Document

Access the best Study Guides, Lecture Notes and Practice Exams