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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
F27.

Transcribed Image Text:4. Bedford Market's accountant
the following data:
is preparing its May bank reconciliation and has collected
161 027)
(SCUS IA) Per Books
May 1 balance
May deposits
May checks
Note collected (includes 10% interest)
May service charge
May 31 balance
$11,600
24,600
27,800
Per Bank
$10,000
21,200
29,000
4,400
20
6,580
8,400
Additionally, deposits in transit and outstanding checks on April 30 were $4,400 and
$2,800, respectively. All the deposits in transit and outstanding checks as of April 30
cleared through the bank in May. The correct balance for cash at May 31 should be
a. $10,960
b. $12,780
c. $11,180
d. $13,980
Expert Solution
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