Use the information to answer this question Receipts and Payment Account (Extract) N Bal b/f 3650 Insurance 900 subscription (99) 7500 Rate 11,700 (2000) 1000 Bal c/d 8,050 Fees 8500 20,65020,650 The following information were given:
Rates owingInsurance prepaidSubscription in arrears
1/1993,60050700
31/12/9920001000600
What is the opening cash balance
A. ₦20,600 B. ₦8,050 C. ₦3,650 D. ₦8,500
Correct Answer: C
Explanation
The opening balance is represented as bal b/f. From the question above and the closing cash balance is represented as bal c/d. Both balance indicate cash in the balance sheet.
