Homework Help is Here – Start Your Trial Now!
Business
Accounting
ank Reconciliation Sarrison Corporation was closing its books on May 31. Garrison's accountant prepared a bank reconciliation as of May 31 and h ound the following possible reconciling items between its book balance and its cash balance per the bank: Garrison's book balance $11,480 Outstanding checks Customer's NSF check returned by the bank Interest earned on checking account In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer's check amount was recorded in cash receipts as $470; the bank recorded the amount correctly as $740. Required: What amount will Garrison report as its adjusted cash balance at May 31? 960 190 140

ank Reconciliation Sarrison Corporation was closing its books on May 31. Garrison's accountant prepared a bank reconciliation as of May 31 and h ound the following possible reconciling items between its book balance and its cash balance per the bank: Garrison's book balance $11,480 Outstanding checks Customer's NSF check returned by the bank Interest earned on checking account In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer's check amount was recorded in cash receipts as $470; the bank recorded the amount correctly as $740. Required: What amount will Garrison report as its adjusted cash balance at May 31? 960 190 140

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 11EB: Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book...
See similar textbooks
icon
Related questions
Question

Urmila ben 

Bank Reconciliation Garrison Corporation was closing its books on May 31. Garrison's accountant prepared a bank reconciliation as of May 31 and has found the following possible reconciling items between its book balance and its cash balance per the bank: $11,480 Garrison's book balance Outstanding checks Customer's NSF check returned by the bank Interest earned on checking account In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer's check: the amount was recorded in cash receipts as $470; the bank recorded the amount correctly as $740. Required: 960 190 140 What amount will Garrison report as its adjusted cash balance at May 31?
Transcribed Image Text:Bank Reconciliation Garrison Corporation was closing its books on May 31. Garrison's accountant prepared a bank reconciliation as of May 31 and has found the following possible reconciling items between its book balance and its cash balance per the bank: $11,480 Garrison's book balance Outstanding checks Customer's NSF check returned by the bank Interest earned on checking account In the search for reconciling items, the accountant also discovered that Garrison made an error in recording a customer's check: the amount was recorded in cash receipts as $470; the bank recorded the amount correctly as $740. Required: 960 190 140 What amount will Garrison report as its adjusted cash balance at May 31?
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS