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Lucre's cash account had a starting balance of $1,200. Lucre paid a supplier $500 and borrowed $5,000 from the last national bank during the month. There is currently a debit of $5,700 in lucre's cash account.
Beginning balance $1200
Add: Credits $500
Less: Debits $5000
By adding the credits, debits and beginning balance and subtract the borrow:
Ending balance of Notes Payable $5700
Any securities transactions must be paid in full from monies in the account at the time of settlement if the account is a cash one with a brokerage company. Thus, with this form of account, short selling and buying on margin are prohibited. Cash accounts and margin purchases of securities are governed by Regulation T of the Federal Reserve. Investors have two business days to provide security under this regulation.
A ledger in which all cash transactions are documented is referred to as a cash account or cash book in accounting. The cash account contains both the cash receipts and payments journals.
Any transaction on a cash account must be paid in full with sufficient funds on the settlement date. Cash accounts are a form of brokerage account.
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