ch 6 accounts

Question 1

Coins and Currency

Answer 1

Cash

Question 2

Checks Received from Customers

Answer 2

Cash

Question 2

Petty Cash Fund

Answer 2

Cash

Question 2

Certificates of Deposit Matures in 3 years

Answer 2

Investment

Question 3

Postage Stamps

Answer 3

Prepaid Expense

Question 4

First Third Checking Account Balance

Answer 4

Cash

Question 5

Postdated check from customer

Answer 5

Receivable

Question 6

Money order from customer

Answer 6

Cash

Question 7

Cash in savings account

Answer 7

Cash

Question 8

Bank draft from customer

Answer 8

Cash

Question 9

Investment in Commercial Paper, 30 day term

Answer 9

Cash Equivalent

Question 10

Utility Deposit to Duke Energy, refundable

Answer 10

Receivable

Question 11

Certified Check from Customer

Answer 11

Cash

Question 12

NSF Check from Customer

Answer 12

Receivable

Question 13

Cash Advance to Company Exec

Answer 13

Receivable

Question 14

Seacoast Bank, Checking Account Overdraft

Answer 14

Liability (negative)

Question 15

Travel advances to employees

Answer 15

Receivable

Question 16

Cashier’s Check

Answer 16

Cash

Question 17

First Third Payroll Account Balance

Answer 17

Deduction from overall cash account (negative)

Question 18

US Treasury Bill Maturing in 60 days

Answer 18

Cash Equivalent

Question 19

Cash Restricted Due to Compensating Balance

Answer 19

Other Asset

Question 20

Money Market Acct, Has Checking Privileges

Answer 20

Cash Equivalent

Question 21

Post-dated check from customer (after Balance Sheet Date)

Answer 21

Receivable

Question 22

Cash restricted for Future Plant Expansion

Answer 22

Other Asset/Long term

Question 23

Money Market Acct, No Checking Privileges

Answer 23

Investment

Question 24

Cash Advance to Subsidiary

Answer 24

Receivable