A company's cash account has a balance of $851 as of July 31. The bank statement for this account reports a balance of $1,430 as of July 31. There are outstanding checks totaling $840 and a deposit in transit of $60. The bank statement shows interest earned of $19, service charges of $30, a customer's returned check of $100, and a check printing fee of $90. What is the reconciled cash balance that should be reported on the company's balance sheet as of July 31?
A company's cash account has a balance of $851 as of July 31. The bank statement for this account reports a balance of $1,430 as of July 31. There are outstanding checks totaling $840 and a deposit in transit of $60. The bank statement shows interest earned of $19, service charges of $30, a customer's returned check of $100, and a check printing fee of $90. What is the reconciled cash balance that should be reported on the company's balance sheet as of July 31?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A company's cash account has a balance of $851 as of July 31.
The bank statement for this account reports a balance of
$1,430 as of July 31. There are outstanding checks totaling
$840 and a deposit in transit of $60. The bank statement
shows interest earned of $19, service charges of $30, a
customer's returned check of $100, and a check printing fee
of $90. What is the reconciled cash balance that should be
reported on the company's balance sheet as of July 31?
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