Identify the true cash balance at the end of the month.

Question

Want to see the full answer?

Answer 1

Question

Chapter 4, Problem 1MCQ

To determine

Identify the true cash balance at the end of the month.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Using the following information: The bank statement balance is $5,002. The cash account balance is $5,487. Outstanding checks amounted to $722. Deposits in transit are $1,178. The bank service charge is $20. A check for $69 for supplies was recorded as $60 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co.Bank ReconciliationMay 31 Cash balance according to bank statement $fill in the blank 1 Adjustments: $- Select - - Select - Total adjustments fill in the blank 6 Adjusted balance $fill in the blank 7 Cash balance according to company's records $fill in the blank 8 Adjustments: $- Select - - Select - Total adjustments fill in the blank 13 Adjusted balance $fill in the blank 14

The following information is needed to reconcile the cash balance for Discount Dry Cleaning, Inc. *A deposit of $5,700 is in transit. * Outstanding checks total $1,000. * The book balance is $6,400 at February 28, 2025. The bookkeeper recorded a $1,500 check as $17,100 in payment of the current month's rent. * The bank balance at February 28, 2025 was $18,410. * A deposit of $500 was credited by the bank for $5,000. * A customer's check for $3,300 was returned for nonsufficient funds. * The bank service charge is $90. What was the adjusted book balance? A. $18,500 B. $18,610 C. $18,700 D. $18,790

The following data pertaining to the cash transactions and bank account of Ella Company for the month of May are available to you: Cash balance, per records, May 31 15,000 Cash balance, per bank statement, 5/31 30,000 Bank service charge for May 100 Debit memo for the cost of printed checks delivered by the bank 100 Outstanding checks, May 31 7,000 Deposit of May 30 not recorded by bank until June 1 4,500 Proceeds of a bank loan of May 30, net of interest of P300 5,000 Proceeds from a customer's promissory note, including interest of P100 8,000 Check No. 2772 issued to a supplier entered in the accounting records at P2,150 but the bank statement at an erroneous amount of deducted in 900 Stolen check lacking an authorized signature, deducted from Ella's account by the bank in error 800 Customer's check returned by the bank marked NSF; no entry has been made in the records to record the returned check accounting 750 What is the correct cash balance at May 31?