1. The unadjusted balance per the bank statement on June 30 was $55,423. 2. Deposits in transit on June 30 were $2,245. 3. A debit memo was included with the bank statement for a service charge of $6. 4. A $5,680 check written in June had not been paid by the bank. 5. The bank statement included a $1,350 credit memo for the collection of a note. The principal of the note was $1,295, and the interest collected amounted to $55. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance
1. The unadjusted balance per the bank statement on June 30 was $55,423. 2. Deposits in transit on June 30 were $2,245. 3. A debit memo was included with the bank statement for a service charge of $6. 4. A $5,680 check written in June had not been paid by the bank. 5. The bank statement included a $1,350 credit memo for the collection of a note. The principal of the note was $1,295, and the interest collected amounted to $55. Required Determine the true cash balance as of June 30. (Hint: It is not necessary to use all of the preceding items to determine the true balance.) True cash balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![### Trinkle Company: Bank Reconciliation for June
#### The following information is available for Trinkle Company for the month of June:
1. **Unadjusted Bank Statement Balance:**
- As of June 30, the unadjusted balance per the bank statement is $55,423.
2. **Deposits in Transit:**
- Deposits made in June but not yet recorded by the bank by June 30 amount to $2,245.
3. **Debit Memo:**
- A service charge noted in the bank statement, reflected by a debit memo, is $6.
4. **Outstanding Check:**
- A check written in June for $5,680 had not yet been cleared by the bank as of June 30.
5. **Credit Memo:**
- The bank statement includes a $1,350 credit memo for the collection of a note. This includes the principal amount of the note which is $1,295, and interest collected totaling $55.
#### Required:
Determine the true cash balance as of June 30.
*(Hint: It is not necessary to use all of the preceding items to determine the true balance.)*
#### Input Box for True Cash Balance:
- [True cash balance: _______]
This set of instructions would be part of an exercise in learning how to perform bank reconciliations, which is a critical accounting process for ensuring the accuracy of a company's financial records.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb75e2346-ebf2-4e14-802c-14c74b6109ef%2Fb8115768-7d0b-4809-9883-60eed82732c4%2Fgp9t8sg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### Trinkle Company: Bank Reconciliation for June
#### The following information is available for Trinkle Company for the month of June:
1. **Unadjusted Bank Statement Balance:**
- As of June 30, the unadjusted balance per the bank statement is $55,423.
2. **Deposits in Transit:**
- Deposits made in June but not yet recorded by the bank by June 30 amount to $2,245.
3. **Debit Memo:**
- A service charge noted in the bank statement, reflected by a debit memo, is $6.
4. **Outstanding Check:**
- A check written in June for $5,680 had not yet been cleared by the bank as of June 30.
5. **Credit Memo:**
- The bank statement includes a $1,350 credit memo for the collection of a note. This includes the principal amount of the note which is $1,295, and interest collected totaling $55.
#### Required:
Determine the true cash balance as of June 30.
*(Hint: It is not necessary to use all of the preceding items to determine the true balance.)*
#### Input Box for True Cash Balance:
- [True cash balance: _______]
This set of instructions would be part of an exercise in learning how to perform bank reconciliations, which is a critical accounting process for ensuring the accuracy of a company's financial records.
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