The accounting records and bank statement of Jeff's Seashell Store provide the following information at the end of April. The closing 'Cash' account balance was $29000, and the bank statement shows a closing balance of $31000. On reviewing the bank statement it is found an account customer has deposited $2500 into the bank account for a March sale and the monthly insurance premium of $550 was automatically charged to the account. Interest of $1500 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $950 to a supplier has been recorded twice in the accounts. After the calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account? A. 33,350 B. None of the other answers C. 31,450
The accounting records and bank statement of Jeff's Seashell Store provide the following information at the
end of April. The closing 'Cash' account balance was $29000, and the bank statement shows a closing balance
of $31000. On reviewing the bank statement it is found an account customer has deposited $2500 into the bank
account for a March sale and the monthly insurance premium of $550 was automatically charged to the account.
Interest of $1500 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $950
to a supplier has been recorded twice in the accounts. After the calculation of the "ending reconciled cash
balance", what is the balance of the 'cash' account?
A. 33,350
B. None of the other answers
C. 31,450
D. 29,000
E. 35,350
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
