Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A new accountant at Blossom Company is trying to identify which of the following amounts should be reported as the current asset Cash in the

A new accountant at Blossom Company is trying to identify which of the following amounts should be reported as the current asset Cash in the year-end balance sheet, as of June 30, 2021: 1. Currency and coins totaling $79 in a locked box used for petty cash transactions. 2. A 60-day, $10,000 guaranteed investment certificate, due July 31, 2021. 3. June-dated cheques worth $393 that Blossom has received from customers but not yet deposited. 4. A $110 cheque received from a customer in payment of her June account, but postdated to July 1. 5. A balance of $2,750 in the Royal Bank chequing account. 6. A balance of $4,290 in the Royal Bank savings account. 7. Prepaid postage of $78 in the postage meter. 8. A $99 IOU from the company receptionist. 9. Cash register floats of $297. 10. Over-the-counter cash receipts for June 30 consisting of $540 of currency and coins, $80 of cheques from customers, $550 of debit card slips, and $710 of bank credit card slips. These amounts were processed by the bank and posted to the bank account on July 1. Ignore any related debit or credit card expenses. (a) What amount should Blossom report as its cash and cash equivalents balance at June 30, 2021? Cash and cash equivalents balance $enter Cash and cash equivalents balance in dollars

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What is the meaning and definition of E-Business?

Answered: 1 week ago