Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Dance Town Academy The items listed below were identified while preparing a bank reconciliation for the company's checking account as of March 31. Cash balance
Dance Town Academy The items listed below were identified while preparing a bank reconciliation for the company's checking account as of March 31.
Cash balance according to the general ledger | ? |
Bank statement balance | $18,500 |
Outstanding checks | 2,700 |
Customer's bounced check | 350 |
Bank service charges | 100 |
Deposits in transit | 1,000 |
Interest earned on the checking account | 60 |
Refer to Dance Town Academy. Determine the amount of the company's adjusted cash balance.
a.$20,200
b.$1,700
c.Cannot be determined.
d.$16,800
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started