FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
The following information was taken from a company’s bank reconciliation at the end of the year:
Bank balance | $ | 9,000 |
Checks outstanding | $ | 7,400 |
Note collected by the bank | $ | 1,800 |
Service fee | $ | 33 |
Deposits outstanding | $ | 4,700 |
NSF check | $ | 330 |
What is the correct cash balance that should be reported in the company's
Multiple Choice
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$6,267.
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$6,300.
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$10,470.
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$8,670.
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- aj.8arrow_forwardPlease Solve this Onearrow_forwardUse the following data the answer questions 11 to 14 The cash records of Company Inc. show the following: 3. The August 31 bank reconciliation indicated that deposits in transit totaled $390. During September the general ledger account "Cash" shows deposits of $11,800, but the bank statement indicates that only $9,540 in deposits were received during the month. 4. The August 31 bank reconciliation also reported outstanding cheques of $850. During the month of September, the Company books show that $11,670 of cheques were issued, yet the bank statement showed that $10,500 of cheques cleared the bank in September. There were no bank debit or credit memoranda and no errors were made by either the bank or the Company. 11) What were the deposits in transit at September 30? f) $2,260 g) $2,150 h) $1,960 i) $2,650 j) None of the above 12) What were the outstanding cheques at September 30? f) $2,020 g) $2,120 h) $1,170 i) $1,980 j) None of the above FlDage 13) Which of the following is are the…arrow_forward
- Please solve thearrow_forward1arrow_forwardA) $ 2,667 10) Counte Company's cash balance at the end of the month was $ 5,500. After comparing the company's records with the monthly bank statement, Counte's accountant identified the following reconciling items: outstanding checks, $ 900; deposits in transit, $ 600; bank service charge, $ 20; NSF check, $ 200. What is the adjusted bank balance? A) $5,280 B) $ 5,580 C) $4,980 D) The adjusted bank balance cannot be determined.arrow_forward
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