Ascertain the true cash balance of Company T as of June 30.

Question

Want to see the full answer?

Answer 1

Question

Chapter 4, Problem 11E

To determine

Ascertain the true cash balance of Company T as of June 30.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

PROBLEM 7A-4 Another Com- prehensive Bank Reconcil- Daytona Recycling Center reports the following information concerning cash bal- ances and cash transactions for the month of September: Cash balance per bank statement as of September 30 was $20,893.25. 2 Two.debit memoranda accompanied the bank statement: one for $10 was for service charges for the month; the other for $64.60 was attached to an NSF check from A. Smith. 1 Istlon 3 Included with the bank statement was $69 credit memorandum for interest earned on the bank account in September. 4 The paid checks returned with the September bank statement disclosed an error in Daytona's cash records. Check no. 851 for $77.44 for telephone expense had erroneously been listed in the cash payments journal as $44.77. 5 A collection charge for $26.00 (not applicable to Daytona) was erroneously de- ducted from the account by the bank. Notice that this was the bank's error. 6 Cash receipts of September 30 amounting to $585.25 were mailed to the…

Exercise 6-11A (Algo) Determining the true cash balance, starting with the unadjusted bank balance LO 6-3 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 $56,805. 2. Deposits in transit on June 30 were $2,450. 3. A debit memo was included with the bank statement for a service charge of $27. 4. A $5,823 check written in June had not been paid by the bank. 5. The bank statement included a $1,300 credit memo for the collection of a note. The principal of the note was $1,245, and the interest collected amounted to $55. 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

QUESTION 9 The Gatedown Company's bank statement has an ending cash balance of $14,110.00. The cash account in the general ledger has a balance of $12,477.00. Based on the following reconciling items, prepare a bank reconciliation. a) Bank service charge of $20.00 b) Deposit in transit $3,190.00 c) A check was returned NSF $645.00 d) Outstanding check $688.00 e) Note collected by the bank, credit memoranda, $4,800.00 What is the total of subtractions to arrive at the book balance? A) 645.00 B) 555.00