Kemp Company adheres to a policy of depositing all cash receipts in a bank account and making

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Kemp Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of August 31 has a credit balance of $3,000, and there is no undeposited cash on hand,

(a) Assuming no errors occurred during journalizing or posting, what caused this unusual balance?

(b) Is the $3,000 credit balance in the cash account an asset, a liability, stockholders’ equity, a revenue, or an expense?

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