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2. Transatlantic Corporation Cash account has a balance of $851 as of May 31st. The bank statement for this account reports a balance of
2. Transatlantic Corporation Cash account has a balance of $851 as of May 31st. The bank statement for this account reports a balance of $1,430 as of May 31st. Meanwhile, there are outstanding checks totaling $840 and a deposit in transit of $60. The Company's bank statement shows interest earned of $19, service charges of $30, a customer's returned check of $100, and a check printing cost of $90. The reconciled Cash balance that should be reported on the Transatlantic balance sheet as of May 31st is how much? (2 marks)
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