Tim Wong operates a FedEx Kinko's store. He has just received the monthly bank statement at May
Question:
Tim Wong operates a FedEx Kinko's store. He has just received the monthly bank statement at May 31, 2020, from Royal Bank of Canada, and the statement shows an ending balance of \(\$ 595\). Listed on the statement are an EFT customer collection of \(\$ 300\), a service charge of \(\$ 12\), two NSF cheques totalling \(\$ 120\), and a \(\$ 9\) charge for printed cheques. In reviewing his cash records, Wong identifies outstanding cheques totalling \(\$ 603\) and a May 31 deposit in transit of \(\$ 1,788\). During May, he recorded a \(\$ 290\) cheque for the salary of a parttime employee as \$29. Wong's Cash account shows a May 31 cash balance of \(\$ 1,882\). How much cash does Wong actually have at May 31 ?
Step by Step Answer:
Financial Accounting
ISBN: 9780135433065
7th Canadian Edition
Authors: Walter Harrison, Wendy Tietz, C. Thomas, Greg Berberich, Catherine Seguin