The manager of Creative Hair Salon has just received the May 31, 2024, bank statement for the
Question:
The manager of Creative Hair Salon has just received the May 31, 2024, bank statement for the salon from Park Cities Bank. The statement shows an ending balance of $1,755. Listed on the statement are an EFT rent collection of $990, an EFT utilities payment of $30, a bank service charge of $24, and an NSF check totaling $405. In reviewing Creative Hair Salon’s cash records, the manager identified outstanding checks totaling $1,866 and a May 31 deposit in transit of $5,694. During May, the salon recorded a $840 check for the salary of a new employee as $84. The cash account shows a May 31 balance of $5,808. How much cash does Creative Hair Salon actually have at May 31, 2024?
Step by Step Answer:
Horngrens Financial & Managerial Accounting
ISBN: 9780136516255
7th Edition
Authors: Tracie Miller Nobles, Brenda Mattison