(Learning Objective 3: Preparing a bank reconciliation) Evan Strikes operates a bowling alley. He has just received...
Question:
(Learning Objective 3: Preparing a bank reconciliation) Evan Strikes operates a bowling alley. He has just received the monthly bank statement at April 30 from City National Bank, and the statement shows an ending balance of $565. Listed on the statement are an EFT rent collection of $320, a service charge of $7, two NSF cheques totaling $115, and an $11 charge for printed cheques. In reviewing his cash records, Root identifi es outstanding cheques totaling $602 and an April 30 deposit in transit of $1,790. During April, he recorded a $290 cheque for the salary of a part-time employee as $29. Root’s Cash account shows an April 30 cash balance of $1,827. How much cash does Root actually have at April 30?
Step by Step Answer:
Financial Accounting International Financial Reporting Standards
ISBN: 9780273777809
1st Global Edition
Authors: Walter T Harrison, Charles Horngren, Bill Thomas, Themin Suwardy