Question
At the end of the month, Grant Entertainment Company showed a $9,300 book balance in its cash account. The following information was gathered by studying
At the end of the month, Grant Entertainment Company showed a $9,300 book balance in its cash account. The following information was gathered by studying the bank statement and the company's cash records: (1) deposits in transit amounted to $3,150 (2) outstanding checks were $6,200 (3) a $550 check had been incorrectly drawn on Grant's account by the bank (4) NSF checks returned by the bank were $750 (5) bank service charge was $29 (6) credit memo for $75 for the collection of one of the company's account receivable
Based on the above information the true cash balance would be:
$9,146.
$8,596.
$6,096.
$6,250.
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