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You are doing a bank reconciliation for May, 20x1. You have a $2,785 unadjusted ledger cash balance and the following data: -Outstanding checks: No. 719, $200; No. 727, $800; No, 732, $625 -Deposits in transit, $1,200 -Check No. 742 (for repairs) written for $505 but incorrectly recorded as $550 -NSF check from a customer, $500 -Bank service charge for May, $5 -Balance per bank statement, $2,750 What dollar amount should be deducted from the balance per books? a. $460 b. $505 c. $550 d. $1,625

You are doing a bank reconciliation for May, 20x1. You have a $2,785 unadjusted ledger cash balance and the following data: -Outstanding checks: No. 719, $200; No. 727, $800; No, 732, $625 -Deposits in transit, $1,200 -Check No. 742 (for repairs) written for $505 but incorrectly recorded as $550 -NSF check from a customer, $500 -Bank service charge for May, $5 -Balance per bank statement, $2,750 What dollar amount should be deducted from the balance per books? a. $460 b. $505 c. $550 d. $1,625

FINANCIAL ACCOUNTING
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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You are doing a bank reconciliation for May, 20x1. You have a $2,785 unadjusted ledger cash balance and the following data: -Outstanding checks: No. 719, $200; No. 727, $800; No, 732, $625 -Deposits in transit, $1,200 -Check No. 742 (for repairs) written for $505 but incorrectly recorded as $550 -NSF check from a customer, $500 -Bank service charge for May, $5 -Balance per bank statement, $2,750 What dollar amount should be deducted from the balance per books? a. $460 b. $505 c. $550 d. $1,625
Transcribed Image Text:You are doing a bank reconciliation for May, 20x1. You have a $2,785 unadjusted ledger cash balance and the following data: -Outstanding checks: No. 719, $200; No. 727, $800; No, 732, $625 -Deposits in transit, $1,200 -Check No. 742 (for repairs) written for $505 but incorrectly recorded as $550 -NSF check from a customer, $500 -Bank service charge for May, $5 -Balance per bank statement, $2,750 What dollar amount should be deducted from the balance per books? a. $460 b. $505 c. $550 d. $1,625
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