The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $55,367. 2. Deposits in transit on June 30 were $2,435. 3. A debit memo was included with the bank statement for a service charge of $26. 4. A $4,402 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 $1,300, and the interest collected amounted to $50. 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

The following information is available for Trinkle Company for the month of June: 1. The unadjusted balance per the bank statement on June 30 was $55,367. 2. Deposits in transit on June 30 were $2,435. 3. A debit memo was included with the bank statement for a service charge of $26. 4. A $4,402 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 $1,300, and the interest collected amounted to $50. 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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