Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chen Inc.'s cash balance in the accounting records, before receiving the bank statement, at June 30th was $16,170. During June the company recorded $10,000 of

image text in transcribed

Chen Inc.'s cash balance in the accounting records, before receiving the bank statement, at June 30th was $16,170. During June the company recorded $10,000 of deposits but the bank only showed $7,900 on the June statement. Some of the company's deposits were made on the last day of the month. The company's records also showed that the company wrote checks totalling $3,600 that had not yet cleared the bank. The June 30th bank statement showed a balance of $16,750. The company was surprised to see that the bank statement showed the following items that the company was not aware of until the bank statement arrived: NSF check for $935, bank fee of $10, and interest income totalling $25. What is the total amount of cash that should be reported on Chen Inc.'s balance sheet at June 30th? Multiple Choice $15,250 O $17,120 (0) $14,670 $17,850

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

Recommended Textbook for

The Outsourcing Dilemma Whats Best For Internal Auditing

Authors: Larry E. Rittenberg, Institute Of Internal Auditors Research Foundation, Lee A. Campbell

1st Edition

0894133845, 978-0894133848

More Books

Students also viewed these Accounting questions

Question

=+ Where would most corporations like the balance to fall?

Answered: 1 week ago