Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

As of June 30, Year 2, the bank statement showed an ending balance of $18,649. The unadjusted Cash account balance was $17,181 The following information

image text in transcribed
As of June 30, Year 2, the bank statement showed an ending balance of $18,649. The unadjusted Cash account balance was $17,181 The following information is available 1. Deposit in transit. $2,430 2. Credit memo in bank statement for interest eared in June $8. 3. Outstanding check, $3,898 4. Debit memo for service charge, $8. Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 2, using the preceding information (Negative amounts should be indicated with minus sign.) S Bank Reconciliation Unadjusted bank balance 6/30/Year 2 Add Deposit in transit Less Outstanding check True cash balance 6/30/Year 2 18.649 2430 (3,898 17,181 s 5 17.187 Unadjusted book balance 6/30/Year 2 Add Credit memo for interest earned Less Debit memo for service charge True cash balance 6/30/Year 2 (8) 17 187 3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Recommended Textbook for

Intermediate Accounting IFRS

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

3rd edition

1119372933, 978-1119372936

Students also viewed these Accounting questions