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As of June 30, Year 1, the bank statement showed an ending balance of $16,545. The unadjusted Cash account balance was $16,028. The following information
As of June 30, Year 1, the bank statement showed an ending balance of $16,545. The unadjusted Cash account balance was $16,028. The following information is available:
- Deposit in transit, $2,630.
- Credit memo in bank statement for interest earned in June: $24.
- Outstanding check: $3,128.
- Debit memo for service charge: $5.
Required:
Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information.
Note: Negative amounts should be indicated with a minus sign.
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