1) On May 31, Money Corporation's Cash account showed a balance of $17,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the company's accountant found the following items : 1,950 Checks outstanding Deposits outstanding NSF check from a customer 3,700 170 Service fees 105 Error: Money Corporation wrote a check for $70 but recorded it incorrectly for $700. What is the amount of cash that should be reported in the company's balance sheet as of May 31?

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Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.