1. Write up the accounts in the Bill Frisby Ledger for the following transactions, then balance off the accounts and extract a Trial Balance. Sept 1 Started business with $28,700 in the bank Bought goods $31,250 on credit from S & S Wholesale Transfer $11,150 from bank to cash Paid for insurance $3,000 by cash Sold goods $40,000 on credit to Suga Roy Goods for $5,300 returned from Suga Roy Paid office expenses $2,780 by cash 19 22 Owner took $4,200 by cheque for personal use 25 Sold goods $12,300 on credit to Dean Peart 4 5 6 15 18 26 Purchased goods $15,000 on credit from HL Grocery 26 Return goods to S & S Wholesale $6,250 27 28 Received cheque $13,000 from Suga Roy Paid S & S Wholesale $25,000 by cheque Sold good $10,000 by cash 29 30 Received cheque $13,000 from Suga Roy

After posting the July 15 journal entry below to the cash account in the ledger, what would the updated balance in the cash account--the dollar amount on the debit or credit side? (Note: The company had a beginning debit balance of $50,000 on July 1 that should be included.)                                          JOURNAL                                    page 2 DATE DESCRIPTION POST. REF. DEBIT      CREDIT 7/15/18 Cash   $12,000          Fees Earned     $12,000   GENERAL LEDGER ACCOUNT TITLE     CASH                                                     ACCOUNT NO. 11 DATE ITEM PREF. DEBIT   CREDIT   DEBIT BALANCE  CREDIT BALANCE 7/01/18 Balance       $50,000   7/15/18     12,000    ? or  ?    Group of answer choices $12,000 credit balance $62,000 debit balance $12,000 debit balance $62,000 credit balance

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The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.