Question
2. Toyota Motor Company's bank account statement showed a balance of $27,392 of May 31, before the bank reconciliation was prepared. After examining the
2. Toyota Motor Company's bank account statement showed a balance of $27,392 of May 31, before the bank reconciliation was prepared. After examining the May bank statement and items included with it, Toyota's accountant found the following items: Checks outstanding Deposits outstanding NSF check Service fees $11,771 20,210 395 40 Error: Toyota wrote a check for $30 but recorded it incorrectly for $330.Also, the bank withdrew $1,102 that should not have been deducted from Toyota's account. What is the amount of cash that should be reported in the company's balance sheet as of May 31?
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
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