Question
4. The bank statement of Gigem, Inc for February 28, 2020, showed an ending balance of $6,641. The accounting records indicated an ending balance of
4. The bank statement of Gigem, Inc for February 28, 2020, showed an ending balance of $6,641. The accounting records indicated an ending balance of $3,410. Comparing the bank statement with the companys books revealed the following reconciling items: - The bank had collected, for Gigem Inc., $1,030 on a note left for collection. The face value of the note was $1,000. - A check written by Gigem Inc. for $230, had been recorded in Gigem Incs books as $30. - A deposit of $1,820 deposited on February 28 had been made too late to appear on the bank statement. - Outstanding checks totaled $4,185. - A check written for $193 had been incorrectly charged by the bank as $139. - Bank service charges for February amounted to $18. Determine the true cash balance for February 28, 2020.
A. $4,276
B. $4,222
C. $4,622
D. $4,372
E. $4, 240
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