Answered: MacLaren's Pub started the month of…

MacLaren's Pub started the month of October with $1,695 in cash, paid out $646, and ended the month with $6,643. What amount of cash did MacLaren's pub receive during the month of October?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9EB: Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25%...

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

MacLaren's Pub started the month of October with $1,695 in cash, paid
out $646, and ended the month with $6,643.
What amount of cash did MacLaren's pub receive during the month of
October?

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Step 1: Cash Budget

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Accounting for Cash and cash equivalents

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